CCH Tax News Headlines - October 16, 2009

Oct 16, 2009 1 Replies
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CCH Tax News Headlines - October 16, 2009 Federal Headlines:



10/16/2009 - _Baucus Sees 60-Plus Votes for Health Reform_
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10/16/2009 -_Interim Guidance Released Governing New Expatriate Mark- to-Market Tax Rules (Notice
2009-85)_
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10/16/2009 - _2010 Inflation Adjustment Amounts Released (IR-2009-93; Rev. Proc. 2009-50)_
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10/16/2009 - _FLP and LLC Assets Not Includible in Gross Estate (Murphy Est., DC Ark.)_
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State Headlines:



10/16/2009 - _California-Personal Income Tax: Constitutionality of Millionaire Tax Upheld_
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10/16/2009 -_Massachusetts-Corporate Income Tax: Intangible Holding Company Arrangement Deemed a Sham Transaction_
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10/16/2009 -_New York-Multiple Taxes: Governor Proposes Penalty Forgiveness Program_
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As much as I don't like the new tax, the court's decision seems sound. However:

(1) The $1M is not adjusted for inflation, so it snags more and more people every year. Eventually it will become like the AMT, hitting over half of the population.

(2) Every else I look in the CA tax code there is no marriage penalty. If the 9.3% rate starts at 45k for single people, then it starts at 90k for married people; if the standard deduction is $3500 for single, then it is $7000 for married. But it looks like the mental health tax is $1M whether single or married.

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