CCH Tax News Headlines - October 16, 2009

Posted by TaxService on October 16, 2009, 12:04 pm

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CCH Tax News Headlines - October 16, 2009

Federal Headlines:
10/16/2009 - _Baucus Sees 60-Plus Votes for Health Reform_
(http://tax.cchgroup.com/news/headlines/2009/nws101609.htm#1) 10/16/2009 -
_Interim
Guidance Released Governing New Expatriate Mark- to-Market Tax Rules (Notice
2009-85)_ (http://tax.cchgroup.com/news/headlines/2009/nws101609.htm#2)
10/16/2009 - _2010 Inflation Adjustment Amounts Released (IR-2009-93; Rev.
Proc. 2009-50)_ (http://tax.cchgroup.com/news/headlines/2009/nws101609.htm#3)
10/16/2009 - _FLP and LLC Assets Not Includible in Gross Estate (Murphy
Est., DC Ark.)_ (http://tax.cchgroup.com/news/headlines/2009/nws101609.htm#4)

State Headlines:
10/16/2009 - _California-Personal Income Tax: Constitutionality of
Millionaire Tax Upheld_
(http://tax.cchgroup.com/news/headlines/2009/nws101609.htm#5) 10/16/2009 -
_Massachusetts-Corporate Income Tax: Intangible Holding
Company Arrangement Deemed a Sham Transaction_
(http://tax.cchgroup.com/news/headlines/2009/nws101609.htm#6) 10/16/2009 -
_New York-Multiple Taxes:
Governor Proposes Penalty Forgiveness Program_
(http://tax.cchgroup.com/news/headlines/2009/nws101609.htm#7)
* * _Missed a headline? Click here for last week's tax
highlights_ (http://tax.cchgroup.com/News/TaxNews/default.asp?PageID=4) .

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Posted by removeps-groups@yahoo.com on October 16, 2009, 5:38 pm

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On Oct 16, 9:04 am, TaxServ...@aol.com wrote:

> 10/16/2009 - _California-Personal Income Tax: Constitutionality of

> Millionaire Tax Upheld_

> (http://tax.cchgroup.com/news/headlines/2009/nws101609.htm#5)

As much as I don't like the new tax, the court's decision seems
sound. However:

(1) The $1M is not adjusted for inflation, so it snags more and more
people every year. Eventually it will become like the AMT, hitting
over half of the population.

(2) Every else I look in the CA tax code there is no marriage
penalty. If the 9.3% rate starts at 45k for single people, then it
starts at 90k for married people; if the standard deduction is $3500
for single, then it is $7000 for married. But it looks like the
mental health tax is $1M whether single or married.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>