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Posted by Phil Marti on June 30, 2008, 11:59 am
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> Okay, thanks for the citation. Just curious: why would Congress
> allow us to defer the taxable income one year?
>
> I know: in matters of tax law, never ask "why?". But perhaps
> HR 4297 provides some insight that you can share.
Thanks to a friend on Congressional budget committee staff I know the answer
to this one. It is obvious if you look at the table of budget projections
for the bill in question. They needed a huge spike in projected revenue in
2012 and 2013 to squeeze the bill through budget rules. It just about jumps
off the page at you.
The provision has an interesting provenance. If you look at the final
pre-conference versions of the bill passed by the House and the Senate
you'll find the Roth 2010 provisions in neither. They sprang fully formed
from the Conference Committee's forehead.
The provision is a budget buster in what were then the out years for
projections. That's why I keep saying don't bet on its still being law in
2010.
--
Phil Marti
Clarksburg, MD
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