According to the Washington Examiner, Democrats in Congress are bypassing normal procedures for approving new tax legislation in order to give class action plaintiffs' attorney a $1.575 billion tax break. The bill previously passed the House without the usual notice to the Treasury Department for an official analysis of its provisions. The rush to judgment in both chambers of Congress, otherwise known as cramming it down opponents' throats, is objectionable. The trial-lawyer tax break is appalling. Together, they are an outrageThe new provision is being given political cover by being added on to legislation that extends several popular current tax laws such as the research and development tax credit and the ability of individual taxpayers to claim an itemized deduction for sales taxes in lieu of a deduction for state income taxes.     Under current law the expenses connected with a contingent fee lawsuit must be treated...(Read Full Post)