Taxes

Despite the fact that revenues in many states are recovering, budget cuts that were once described as undesirable but unavoidable are being left in place (or even exacerbated) as numerous state legislatures opt to double down on tax cuts.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Integer nec odio. Praesent libero. Sed cursus ante dapibus diam. Sed nisi. Nulla quis sem at nibh elementum imperdiet. Duis sagittis ipsum.

An NYT piece suggests that unprecedented tax hikes for all Americans may be coming in January. In fact, what we have is basically a rerun of 2010. The central question once again: will President Obama stand up to the GOP and allow tax rates on the wealthiest Americans to return, as scheduled, to their Clinton-era levels?

It's the corporate tax reform mantra these days — at least on the Democratic side of the aisle. But serious questions have been raised about the underlying premises, fiscal prudence, and ultimate revenue neutrality of proceeding concurrently.

An important benefit to one class of litigants is deeply baked into the current system. The tax code provides that businesses may deduct all of their legal expenses (lawyer and expert fees, and discovery costs) in all cases — win or lose, meritorious or non-meritorious, plaintiff or defendant.