September 25, 2018

Congress: Come Hell, High Water or Spiteful Democrats, We’ll Patch the AMT in the Lame Duck Session

“We plan to do everything possible to enact AMT relief legislation in a form mutually agreeable to the Congress and the president. We urge the Internal Revenue Service to take all steps necessary to plan for changes that would be made by the legislation.”

~ One of those “letters” that legislators write to bureaucrats as a form of grandstanding. This particular letter was from Max Baucus, Chuck Grassley, Sandy Levin and Dave Camp to Doug Shulman

“We plan to do everything possible to enact AMT relief legislation in a form mutually agreeable to the Congress and the president. We urge the Internal Revenue Service to take all steps necessary to plan for changes that would be made by the legislation.”

~ One of those “letters” that legislators write to bureaucrats as a form of grandstanding. This particular letter was from Max Baucus, Chuck Grassley, Sandy Levin and Dave Camp to Doug Shulman

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When $11.99 at Taco Bell Can Cost You $300

taco bell.jpgNow that American consumers have maxed out their credit cards, they’re trying to pay for everything in cash or using their debit cards. Noble attempt but if they buy something when their account is zero, the dreaded overdrafts fees are bleeding them out. IT’S NOT FAIR!
It’s becoming apparent that banks will be vilified for anything that results in revenue. And who comes to the rescue when banks are wronging the American people? Congress, obv.
That’s right, thank God we’ve got lawmakers working for the people because right now the banks are “walking across the battlefield and shooting the wounded”, which, we have to admit, is a pretty awesome analogy.
Yes, banks are charging fees for too many things that shouldn’t be allowed. Consumers need to be able keep to spending long after their accounts are at zero. How hell else can this economy get rolling again if Americans aren’t spending?
Nevermind that 3,000 banks may collapse if legislation passes that would limit overdraft charges. And forget about setting up automatic transfers from savings, THERE ARE NO SAVINGS. Help us, Congress. PLEASE.
Overdraft Debit Fees Treat Customer to $300 Fast-Food Charge [Bloomberg]

Newt Gingrich Doesn’t Like the FASB

NewtGingrichPhotograph.jpgCongress seems hella determined to keep accountants from writing accounting rules. HR 1349, aka the Federal Accounting Oversight Board Act, which was introduced in the Spring would create a board that would consist of the chairs of the Fed, SEC, FDIC, PCAOB, and the Secretary of the Treasury.
This merry band of bureaucrats would basically get to slap the FASB around whenever they want. According to Newt “My head isn’t that big” Gingrich, a supporter of the bill, because of the FASB’S independence, politicians can’t torpedo accounting rules that are “destructive”.
More, after the jump


This gem of legislation has 14 co-sponsors, including seven members from the House Financial Services Committee, along with Gingrich and Paul Volcker. It has been referred to the Financial Services Committee so it will getting some Barney Frank lovin’ soon enough.
Say what you will about the wonks in Norwalk but we’re of the strong opinion that handing over the accounting rule bazooka to this board could possibly be the worst legislation since…anything Maxine Waters has introduced.
Congressional Bill Supports Federal Takeover of Financial Reporting [FinCriAdvisor via Jr. Deputy Accountant]