{"id":43,"date":"2010-11-16T14:44:28","date_gmt":"2010-11-16T22:44:28","guid":{"rendered":"http:\/\/www.rbillingslaw.com\/blog\/?p=40"},"modified":"2010-11-18T15:20:13","modified_gmt":"2010-11-18T23:20:13","slug":"senator-reid-signals-election-results-mean-lower-taxes","status":"publish","type":"post","link":"http:\/\/www.rbillingslaw.com\/blog\/senator-reid-signals-election-results-mean-lower-taxes\/","title":{"rendered":"Senator Reid Signals Election Results Mean Lower Taxes"},"content":{"rendered":"<p>It comes as no surprise that the Republican gains on November 2 have created pressure for lower taxes.\u00a0 Surviving Senate Majority Leader Harry Reid is already waiving a white flag.\u00a0 Having previously spoken out strongly in favor of increasing taxes, especially for the wealthy, he was quoted today as saying that he\u00a0&#8220;will\u00a0take a look at&#8221; extending the Bush-era tax cuts that were\u00a0embodied in the 2001 tax relief act known as EGTRRA.\u00a0 Additional analysis of Senator Reid&#8217;s statement is available in <a href=\"http:\/\/www.reuters.com\/article\/idUSN1658861820101116?pageNumber=1\">this Reuters report<\/a>.\u00a0<\/p>\n<p>The gradual reduction of the Federal Estate Tax was also part of EGTRRA, culminating in a one year elimination of the tax in this year of 2010.\u00a0 Logic suggests that Congress will have no choice but to revisit the Federal Estate Tax before the end of the year.\u00a0 Otherwise, the exemption amount will drop from unlimited to $1 million, drastically increasing the number of taxable estates.\u00a0 But no one ever said that logic governs politics in Washington, and the pressure to deal with the income tax could overshadow the need to address the estate tax.\u00a0 We&#8217;ll keep on eye on this.<\/p>\n<p><a title=\"The U.S. Capitol\" href=\"http:\/\/www.flickr.com\/photos\/12836528@N00\/4046734044\/\" target=\"_blank\"><img src=\"http:\/\/farm3.static.flickr.com\/2469\/4046734044_2a8d1c089e_m.jpg\" border=\"0\" alt=\"The U.S. Capitol\" \/><\/a><br \/>\n<small><a title=\"Attribution License\" href=\"http:\/\/creativecommons.org\/licenses\/by\/2.0\/\" target=\"_blank\"><img loading=\"lazy\" src=\"http:\/\/www.rbillingslaw.com\/blog\/wp-content\/plugins\/photo-dropper\/images\/cc.png\" border=\"0\" alt=\"Creative Commons License\" width=\"16\" height=\"16\" align=\"absMiddle\" \/><\/a> <a href=\"http:\/\/www.photodropper.com\/photos\/\" target=\"_blank\">photo<\/a> credit: <a title=\"kevindooley\" href=\"http:\/\/www.flickr.com\/photos\/12836528@N00\/4046734044\/\" target=\"_blank\">kevindooley<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It comes as no surprise that the Republican gains on November 2 have created pressure for lower taxes.\u00a0 Surviving Senate Majority Leader Harry Reid is already waiving a white flag.\u00a0 Having previously spoken out strongly in favor of increasing taxes, &hellip; <a href=\"http:\/\/www.rbillingslaw.com\/blog\/senator-reid-signals-election-results-mean-lower-taxes\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,4],"tags":[160,11,10],"_links":{"self":[{"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/posts\/43"}],"collection":[{"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/comments?post=43"}],"version-history":[{"count":2,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/posts\/43\/revisions"}],"predecessor-version":[{"id":50,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/posts\/43\/revisions\/50"}],"wp:attachment":[{"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/media?parent=43"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/categories?post=43"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/tags?post=43"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}