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On April 16, Senate Republicans blocked current consideration of the "Buffett Rule," a proposal that, if enacted, would have imposed a minimum tax rate of 30 percent on anyone with an adjusted gross income of more than a million dollars, no matter the source of that income. The legislation is based on a principle that individuals who earn more than $1 million should never pay a lower effective tax rate than middle-income households.
The bill, officially titled "Paying a Fair Share Act of 2012," required a minimum of 60 votes in the Senate in order for consideration to proceed. The bill had been given little chance of passage by both Senate Republicans and Democrats but was a key component of President Obama's economic growth and deficit-cutting initiatives that he presented to Congress and touted as having the potential to generate $46.7 billion in the period 2012-2022. Although halted for now, the Buffett Rule may be resurrected in the coming months, as it represents the common themes of deficit reduction and tax equality that are expected to be key issues for Democrats in the upcoming presidential election.
Justin M. Hannan authored the article, "IRS Issues Final Carried Interest Regulations," on the Boston Bar Association's Trusts and Estates Blog.
Daniela P. Catrocho and Richard D. Sanders authored the article, "Retroactive Tax Legislation and Gift Planning in 2021," which was published in the New Jersey Law Journal.
On February 24, Partner Carl A. Merino spoke on "Reporting by U.S. Person of Foreign Income, Assets and Transactions" at a webinar hosted by STEP Colorado Formation and STEP Chicago.
Day Pitney Press Release
Senior Associate Justin M. Hannan and Partner Stephen Ziobrowski were quoted in the Law360 Tax Authority article, "Carried Interest Regs Leave Uncertainty On Family Managers."
Day Pitney Press Release
Day Pitney Press Release
On March 11, Day Pitney Counsel Jordana G. Schreiber spoke on the "Basics of Estate Planning" for physicians at Massachusetts General Hospital.
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.