Bill in debate the American Jobs and Closing Tax Loopholes
June 14th 2010 11:22
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The above URL is another bill that is under debate in the Senate. The debate will reconvene at 2:00 PM today, Monday June 14, 2010. The bill is sponsored by Charlie Rangel and the title is “American Jobs and Closing Tax Loopholes”. I would say that the title of this bill makes it seem like this is something that the government should be doing, closing tax loopholes so that the cheats do not have outs. For me Charlie Rangel being the sponsor of this bill is funny. The Wall Street Journal reported in August of 2009, “Earlier this month the Chairman of the tax-writing Ways and Means Committee "amended" his 2007 financial disclosure form—to the tune of more than a half-million dollars in previously unreported assets and income. That number may be as high as $780,000, because Congress's ethics rules only require the Members to report their finances within broad ranges. This voyage of personal financial discovery brings Mr. Rangel's net worth for 2007 to somewhere between $1.028 million and $2.495 million, while his previous statement came in at $516,015 and $1.316 million.
When you're a powerful Congressman and working diligently to increase tax rates to pay for President Obama's health-care plan, we suppose it's easy to lose track of one of your checking accounts. That would be the one at the federal credit union with a balance somewhere between $250,001 and maybe as high as $500,000. And when you're crunched for time and pulling together bills to pass in a rush, we guess, too, that you might overlook several other investment accounts, even if some of them are sizable, such as the ones Mr. Rangel missed at JP Morgan, Merrill Lynch, Oppenheimer and BlackRock.
Oh, and those vacant properties in Glassboro, in southern Jersey? Everybody in Manhattan tries not to think much about New Jersey, so those lots and their as-much-as-$15,000 value must also have slipped down the memory hole. (The New York Post reported yesterday that Mr. Rangel failed to pay property taxes for two of the lots, according to the county clerk's office.)”
So the bill should be helping to close these ambiguities so that others cannot choose to avoid paying taxes but, that isn’t the case. YOU NEED TO READ THE BILL. Understand what is being talked about and is this something that our senators and congressman should be legislating? What is the impact on you and the nation? From a cursory review here are some of the topics included in the bill:
Sec 101. Alternative motor vehicle credit for new qualified hybrid motor vehicles other than passenger automobiles and light trucks.
Sec 102. Incentives for biodiesel and renewable diesel.
Sec. 249. 7-year recovery period for motorsports entertainment complexes.
Sec. 269. Temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands.
Sec 515, Medicaid and CHIP technical corrections.
Sec. 516. Addition of inpatient drug discount program to 340B drug discount program.
Sec. 517. Continued inclusion of orphan drugs in definition of covered outpatient drugs with respect to children's hospitals under the 340B drug discount program.
Sec. 518. Conforming amendment related to waiver of coinsurance for preventive services.
Sec. 519. Establish a CMS-IRS data match to identify fraudulent providers.
Sec. 520. Clarification of effective date of part B special enrollment period for disabled TRICARE beneficiaries.
Sec. 521. Physician payment update.
Sec. 522. Adjustment to Medicare payment localities
These are just a few of the sections in the bill. The Sec. with numbers that you see in the listing of topics is the sections of the bill where you can find these subjects.
References:
1. Really Long Link
2. Really Long Link
The above URL is another bill that is under debate in the Senate. The debate will reconvene at 2:00 PM today, Monday June 14, 2010. The bill is sponsored by Charlie Rangel and the title is “American Jobs and Closing Tax Loopholes”. I would say that the title of this bill makes it seem like this is something that the government should be doing, closing tax loopholes so that the cheats do not have outs. For me Charlie Rangel being the sponsor of this bill is funny. The Wall Street Journal reported in August of 2009, “Earlier this month the Chairman of the tax-writing Ways and Means Committee "amended" his 2007 financial disclosure form—to the tune of more than a half-million dollars in previously unreported assets and income. That number may be as high as $780,000, because Congress's ethics rules only require the Members to report their finances within broad ranges. This voyage of personal financial discovery brings Mr. Rangel's net worth for 2007 to somewhere between $1.028 million and $2.495 million, while his previous statement came in at $516,015 and $1.316 million.
So the bill should be helping to close these ambiguities so that others cannot choose to avoid paying taxes but, that isn’t the case. YOU NEED TO READ THE BILL. Understand what is being talked about and is this something that our senators and congressman should be legislating? What is the impact on you and the nation? From a cursory review here are some of the topics included in the bill:
Sec 101. Alternative motor vehicle credit for new qualified hybrid motor vehicles other than passenger automobiles and light trucks.
Sec 102. Incentives for biodiesel and renewable diesel.
Sec. 249. 7-year recovery period for motorsports entertainment complexes.
Sec. 269. Temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands.
Sec 515, Medicaid and CHIP technical corrections.
Sec. 516. Addition of inpatient drug discount program to 340B drug discount program.
Sec. 517. Continued inclusion of orphan drugs in definition of covered outpatient drugs with respect to children's hospitals under the 340B drug discount program.
Sec. 518. Conforming amendment related to waiver of coinsurance for preventive services.
Sec. 519. Establish a CMS-IRS data match to identify fraudulent providers.
Sec. 520. Clarification of effective date of part B special enrollment period for disabled TRICARE beneficiaries.
Sec. 521. Physician payment update.
Sec. 522. Adjustment to Medicare payment localities
These are just a few of the sections in the bill. The Sec. with numbers that you see in the listing of topics is the sections of the bill where you can find these subjects.
References:
1. Really Long Link
2. Really Long Link
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