Capital Gains--The House and Senate cannot agree on a provision to extend for two years the 15% maximum capital gains rate. Democrats in the Senate want the provision left out.
Dems looking to raise taxes...who'd a thunk it?
Capital Gains, Part II--Evan Bahy, D-Indiana, proposed last month that fund companies and brokerages be required to report clients' cost information to the IRS making it more difficult for folks to fudge when reporting their gains and losses.
That's a switch, a politician who doesn't trust the people.
Estate Tax--Senate Majority Leader Bill Frist, R-TN, said last month that he intends to bring a bill to the floor of the Senate in May that would permanently repeal the death tax. It came close to a vote in August but was shelved as Congress dealt with Hurricane Katrina.
Catastrophe Savings Accounts--A bill introduced by Rep. Tom Feeney, R-FL, would allow folks to establish separate savings accounts to set aside money for "qualified disaster-related expenses." Investment returns could accumulate tax-free like health savings accounts but with limits tied to deductibles on homeowners insurance.
Can Congress make things any more complicated? Oh well, it's job security for financial advisors.
To keep up with any of these bills, go to The Library of Congress.