December 2005
Dear Survivors of an incredible number of attempts at reforming the tax code:
We know you are dubious of any effort to reform the tax code. All the reforms reform previous reforms. We are equally skeptical of the “reform” label. That said, reform continues to be de rigueur of Washington. Just consider the tax bills passed by the House in December 2005:
· Tax Relief Reconciliation Bill of 2005
· Stealth Tax Relief Bill of 2005
· Gulf Opportunity Zone Act of 2005
· Tax Revision Act of 2005
These are on top of The Katrina Emergency Tax Relief Act of 2005 and The Energy Tax Act of 2005.
We have yet to see the fruits of labor of the President’s Advisory Panel on Federal Tax Reform. From all indications, the Panel’s efforts will be shelved because they failed to offer significantly lower rates in exchange for elimination or caps on a number of popular deductions. Lawmakers are not prepared to promote legislation that will endanger their survival.
As always, we will continue to keep you apprised of changes that will affect your taxes no matter how many bills Congress passes.
We are also pleased to announce the expansion of our Estate Planning and Business Valuation services. While we have been providing these services over the last twenty-five years, we have recently expanded these practice areas.
We begin this year in an anxious prayer for the safe return of those courageous women and men who serve our country in a dangerous world.
We also wish you Happy New Year! May the coming year find you and your loved ones grateful for all the blessings we are fortunate enough to take for granted.
TERRY, LOCKRIDGE & DUNN, INC.