Renewal of Bush tax cuts could be only temporary
Lawyer News
Many Americans could be hit with a big tax increase in the next two or three years despite President Barack Obama's repeated promises to shield the middle class from higher rates.
Democrats are hedging about making Obama's pledge stick for more than a year or two, setting up a major battle on a super-sensitive subject just before the November elections.
With the most sweeping tax cuts in a generation due to expire in January, the Democrats are divided over whether the government can afford to make any of them permanent — especially with voters increasingly upset over the fast-rising federal budget deficit.
Party lines are clear on part of the issue: Most Republicans want to permanently extend all the tax cuts enacted during George W. Bush's presidency, nearly $3 trillion worth over the next decade. Democratic leaders want to let the cuts for the wealthiest Americans expire.
The Democrats want to extend them for everyone else, but perhaps only temporarily, out of concern for the rising red ink. That's where Democratic lawmakers are struggling to find agreement.
Related listings
-
Former Detroit mayor arraigned on federal charges
Lawyer News 07/14/2010Former Detroit Mayor Kwame Kilpatrick has returned to his hometown for his first court appearance since being indicted last month on tax and fraud charges.Kilpatrick was arraigned Tuesday afternoon and a not guilty plea was entered at the request of ...
-
Treasury: 4.5M hires qualify for new tax break
Lawyer News 07/12/2010Businesses have added 4.5 million workers under a new program that provides tax breaks for hiring unemployed workers, the Treasury Department said Monday.It is unclear, however, how many of those workers would have been added without the tax break.Pr...
-
HSBC Clients Scrutinized in U.S. Tax Evasion Probe
Lawyer News 07/07/2010The Department of Justice has opened a criminal investigation into whether some HSBC Holdings Plc clients may have failed to disclose offshore accounts, lawyers familiar with the probe said on Tuesday.The London-based bank has become the latest focus...
Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.