Taxes Related

The Tax Attic with Jerry Coon

August 20, 2009 // 0 Comments

Everyone affected by health care reform Health care reform may be the biggest issue currently confronting all of us. The troubles of the automobile industry are well-documented and their problems do affect each of us in some way. My father was a GM retiree, so my mother’s survivor’s benefits may be directly affected by what is happening with GM. The demise of GM’s 36th Street plant has also meant the closing of various local suppliers. Many of my clients are out of work because of GM. Not everyone, however, is directly affected by GM’s troubles. The decline of the housing industry, the collapse of the derivative products and the worldwide messiness that went with that debacle such as the corresponding banking institution failures and all of the foreclosure issues have caused heartburn among many taxpayers. Not everyone, however, is directly affected by the housing or banking industry issues. By the same token, everyone, and I do mean everyone, is affected directly by how Congress deals with the health care reform issue. All of us, from the newest baby on the block to the oldest taxpayer in America, will be affected by the bill that this Congress passes to President Obama for his signature. The bill currently on the table, called “America’s Affordable Health Choices Act of 2009,” will set the tone for health care for generations to come. Some types of legislation come and go. Tax legislation, for example, is passed frequently. Each Congress and President influences the ebb and flow of tax legislation. Taxes go up, credits are increased, credits are eliminated, and deductions come and go. It happens every year. If we don’t like something in this year’s bills, we can wait a year or two and it might change. Another example is the agriculture bill that is passed every year. It is somewhat routine in nature, albeit sometimes controversial. Congress decides how much money the agricultural community will get and how it will be divided up. It happens every year. If the community doesn’t like how the money is split up in this year’s bill, they can wait a year or two, work with their lobbyists, and it might change. Somehow, I get the feeling that health care reform isn’t going to […]