CHAPTER 17

Tax Reform, 2007–2008

“Taxation is the art of plucking the chicken so as to get the maximum number of feathers with the minimum amount of squawking.”

LOUIS RÉNN from Peter Vico, CPA

“The current tax system is very unstable.”

JOHN BUCKLEY

Majority chief tax counsel for the House Ways and Means Committee, November 6, 2007

Congress to have an annual need to tinker with the Tax Code. Here’s a summary of the major litigation over the last few years:

A The Mortgage Forgiveness Debt Relief Act of 2007

Call me Scrooge! Congress and President Bush handed a $1.153 billion Christmas gift to the American public—much of which will go to the wealthy.

B The New Debt Relief Act

Here’s the deal. On December 20, 2007, the president signed H.R. 3648, ...

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