Moderately Rich Better Off With Estate Tax

In this excellent article in today's Washington Post, columnist Allan Sloan explains why having an estate tax in place (he uses the 2009 levels as an example) would actually be more beneficial to most wealthy people than repealing the estate tax. He explains this issue in terms of having a stepped-up basis vs. a carry-over basis in place (the article explains it all very clearly).

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Senate Rejects Estate Tax Repeal; Frist Likely to Turn to Costly 'Compromise'

Last week, Senate Majority Leader Bill Frist (R-TN) failed to garner enough support for a procedural vote to move forward with debate on estate tax repeal. The Senate's reject of the motion signals lawmakers may now have realized that their priorities should reflect those of their constituents and the pressing issues facing the country, not tax breaks for multi-millionaires.

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e-Rulemaking and PART Get Dinged

E-rulemaking and performance assessment are topics so wonky they rarely are occasion for anyone to say WOW. Ah, but check out the House Appropriations Committee's report to accompany the Transportation/Treasury approps bill, which was just reported out on Friday.

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Follow Up on Kasoff Op-ed in The Hill

About a month ago there was an op-ed in The Hill by Women Impacting Public Policy president Barbara Kasoff that spun estate tax repeal as being positive for women and minority business owners. Not only was the article chalk full of misleading statements, but it was written by the president of a group whose members have a special financially lucrative interest in seeing the estate tax repealed (for more information see our previous blog posting on the article.

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Advocates Say Logic Puzzle Hinders Grassroots Lobbying

Articles on the "Logic Puzzle": Jeffrey Birnbaum from the Washington Post discusses the issue, including On a single day last week, of the 8,262 times the logic puzzle was viewed in the House, only 1,568 people answered it and moved on to send a message -- a 19 percent success rate. It's unknowable whether this means that computers could not crack the code or whether actual humans were frustrated and gave up (though there were probably a combination of both). There is also a Roll Call article on the issue.

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House, Senate Reach Agreement on Supplemental

After reporting yesterday that the House and Senate had yet to reach a compromise on the supplemental spending bill, they did in fact reach one last night. The $94.5 billion bill to fund the military and hurricane relief also sets the budget spending cap for the Senate at $873 billion (the Senate, remember, had orignally passed a budget resolution allocating $16 billion more in funding, mostly for human needs programs). A number of Senators wanted to boost the cap to $880 billion, but were unable to do so because of resistance from the White House and the House leadership.

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FEC Won't Investigate Radio Ad Criticizing Kerry During Election

From BNA: The Federal Election Commission has rejected a staff recommendation to investigate a radio ad that ran in Indiana before the 2004 presidential election and appeared to criticize Democratic presidential nominee Sen. John Kerry (D-MA)

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Hastert to Name Lobby Reform Conferees

Senate Majority Leader Bill Frist and House Speaker Dennis Hastert said today they expect conferees to produce a final lobby reform package before Congress leave town for the Fourth of July. Majority Leader Frist and Speaker Hastert added, “Lobbying and ethics reform remains an important priority for Congress. We are confident that the conferees will work hard and deliver a conference report that will build trust with the American people by making our government more transparent and accountable.”

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Report Recommends Changes to the Form 990

The Advisory Committee on Tax Exempt and Government Entities (ACT) presented its fifth annual report of recommendations to the Internal Revenue Service (IRS). One section of the report, “Policies and Guidelines for Form 990 Revision,” contained seven broad recommendations, including eliminating the $25,000 threshold for registering. According to 501cstrategies:

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War Funding Methods Draw Increased Criticism

We haven't commented on this issue in a while, but the criticisms of the methods used by this administration to fund the wars in Iraq and Afhganistan have not gone away. Sen. John McCain (R-AZ) is the latest to throw his hat into the ring - announcing Thursday he intends to introduce an amendment to this year's Defense Authorization bill that would force the Pentagon to request war funds through the annual budget process.

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