and America takes another one in the........
rlmorel
Posted on 07/15/2010 1:41:54 PM PDT by Nachum
America’s massive debt and deficit loom. Democrats in Congress are saving face by talking up fiscal responsibility and talking down President George W. Bush’s tax cuts for the wealthiest Americans.
But even in this context, the Obama administration may be on the verge of giving wealthy trial lawyers a special interest tax break worth $1.6 billion. Legal Newsline reports that AAJ’s top lobbyist, John Bowman, told the group’s annual convention in Vancouver, Canada yesterday that the IRS will make the change administratively in order to avoid a vote in Congress. He also warned attendees that Treasury Department officials had warned him to keep the information quiet.
This story is a testament to the plaintiff lawyers’ lobby and the influence it holds with the Obama White House and the Democratic Party. When AAJ members held a major fundraiser this week at the AAJ convention in Vancouver, Canada, ten Democratic U.S. Senate candidates took breaks from their campaigns to attend.
(Excerpt) Read more at washingtonexaminer.com ...
The list, ping
You can almost HEAR the stampede of top graduates from Med School to Law School...this ought to be a BIG help to the Obamacare program...shortage of doctors, increae of need...well done, Bammy...you are successfully destroying us one industry at a time. And with all those new lawyers, we will all be in MUCH better shape in the future...
Can Charlie Daniels play a mean fiddle?
I don’t see how this is a new subsidy. Isn’t it just a timing issue? Under the proposal they would be able to write off the expenses sooner. Unless I am missing something (most likely), they currently can write off the expenses when the settlement is awarded, or if they lose the case, they can write it off as bad debt expense.
and America takes another one in the........rlmorel
This is lovely...
So the trial lawyers get to write off fees from failed contingency cases (i.e., the so called ‘loan default’, and with this legislation, up front to boot)...while I as a physician cannot deduct anything for care rendered to those without insurance or any ability to pay who never pay me, yet retain the ability to sue me.
Sometimes I just have to wonder exactly why I went into medicine.
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