December 2006
Dear Survivor of (choose from the following tax bills passed in the 109th Congress):
- Tax Relief and Healthcare Act of 2006
- Tax Portions of Deficit Reduction Act of 2006
- Heroes Earned Retirement Opportunities Act
- Legislation to Permit Expenditures from Leaking Underground Storage Tank Trust Fund
- Religious Liberty and Charitable Donation Clarification Act of 2006
- Fallen Firefighters Assistance Tax Clarification Act of 2006
- Pension Protection Act of 2006
- Tax Income and Reconciliation Act 2006
- All of the Above
While picking on Congress may be tantamount to clubbing baby seals, they really do bring it on themselves. If you believe eight new tax laws passed this year is extreme, consider there were nine hundred and twenty-six (926) tax bills introduced in the 109th Congress.
This annual ritual of tinkering with the nation’s means of revenue, as well as your wallet, has become almost recreational for members of Congress.
A perusal of the list of proposed bills highlights the need for members of Congress to appeal to their constituencies by either the promise of reduced taxes or increased taxes. One finds everything from the Bicycle Commuter Benefit Act to the Treat Physicians Fairly Act. On the whose ox should be gored side, there is the Billionaire’s Loophole Elimination Act as well as the No Special Deals for Executives Act. Of course, there is the ubiquitous let’s eliminate taxes crowd’s contribution to legislation. Their offerings this session included the Tax Code Termination Act as well as Zero Gravity, Zero Tax Act. No, I am not making the last one up. It was introduced by the Florida delegation to Congress to exempt taxes from income earned in outer space. Apparently the laws of gravity prevailed as this one never took off….!
We nostalgically look to return to a simpler time when the tax laws were consistent and understandable. While we await the return of sanity to the tax code, we will continue to keep your planning down to earth.
Once again, we end this year in anxious prayer for the safe return of those courageous women and men who serve our country in a dangerous world.
We also wish you an enjoyable holiday. 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.