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Old March 22, 2010, 11:14 PM   #6
Senior Member
Join Date: February 11, 2009
Location: Virginia
Posts: 109
I just read H.R. 3590, the “Service Members Home Ownership Tax Act of 2009”, passed with no nay votes by the House of Representatives. The purpose of the bill was as follows:

"To amend the Internal Revenue Code of 1986 to modify the first-time homebuyers credit in the case of members of the Armed Forces and certain other Federal employees, and for other purposes."

It is, for the most part, a bill to give certain tax breaks to certain people. It does, however raise revenue as follows:

"SEC. 5. Increase in penalty for failure to file a partnership or S corporation return.
(a) In general.—Sections 6698(b)(1) and 6699(b)(1) of the Internal Revenue Code of 1986 are each amended by striking “$89” and inserting “$110”.
(b) Effective date.—The amendments made by this section shall apply to returns for taxable years beginning after December 31, 2009.

SEC. 6. Time for payment of corporate estimated taxes.
The percentage under paragraph (1) of section 202(b) of the Corporate Estimated Tax Shift Act of 2009 in effect on the date of the enactment of this Act is increased by 0.5 percentage points."

It is not the House version of Healthcare reform (I still can't find that bill).

The Senate then ammended H.R. 3590, in total, renaming it to

`Patient Protection and Affordable Care Act'

I hope they left in the tax breaks for our service men and women.

This is another "trick" maneuver by our congress. No wonder they have a lower approval rating than George Bush ever had. Everything is by slight of hand. We have been ignoring and putting up with this stuff for way too long.
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