Did I read wrong is this true for 2010?

[JON]

The IRC Code 68 phase-out rule for affected itemized deductions is gone for 2010, but back in 2011?????

The IRC Section 151(d)(3) personal exemption phase-out rule is the same???

Unless Congress changes..!!!???

Also was there another extender bill past last week which included the contributions out of IRAs again?

[erchess]

Short Answer

The short answer is that no one will know with even relative certainty the rules for 2010 until the Congress goes on Recess in late December. And even then they occasionally change the rules for the previous year during filing season.

We can of course talk about the laws that have been passed to date and prognostications for changes. Sorry but I have not heard anything about personal exemptions or itemized deduction phaseouts. I do know that one of my professional organizations thinks that the extenders and AMT patch will be taken up only after the Fall Elections because Dems and Repubs have such different views and the Repubs are hoping to become much more numerous. If that pans out they may decide to stop the Senate from doing anything with taxes until the new Congress when they will be able to get legislation to their liking.

[WhiteOleander]

If Charlie Rangel loses his seat on the Ways and Means commitee, things could really change.( some Dems are running from him already) He has had control there for a long time. So, there are a lot of things in play for tax laws right now.

[ChEAr$]

If Charlie Rangel loses his seat on the Ways and Means commitee, things could really change.( some Dems are running from him already) He has had control there for a long time. So, there are a lot of things in play for tax laws right now.

In case you missed it, Rangel is no longer even on that committee.

[taxxcpa]

Charlie

If Charlie Rangel loses his seat

He can't lose. He has 50 years of public "service." All we need is a few more like him.

[WhiteOleander]

In case you missed it, Rangel is no longer even on that committee.

I guess I did miss that. Sorry

[JohnH]

President Ocarter said in an interview Rangel should resign and end his career with dignity. Translation - "Charlie, let me introduce you to bus. Bus, here's Charlie. Later, guys.".

[jimmcg]

In case you missed it, Rangel is no longer even on that committee.

On March 3, 2010 he "stepped down" as Chairman and they appointed a new " acting Chairman." He is still listed as a full voting member of the Committee on their committee website.

[ChEAr$]

On March 3, 2010 he "stepped down" as Chairman and they appointed a new " acting Chairman." He is still listed as a full voting member of the Committee on their committee website.

He wasn't so listed yesterday.

[gkaiseril]

But Charlie did not take the hint, and will now face a full House investigation. He did not like the idea of plea bargaining for a a lesser penalty. Probably because he could not see the forest of his incitement from all trees of his tax and other problems being brought up. Or he thought because he settled with the IRS and other agencies that this ended the problems.

[DaveO]

Maybe they could schedule Maxine Waters hearing for the same time. They could car pool.

[Burke]

Also was there another extender bill past last week which included the contributions out of IRAs again?

That provision was in HR 4213 passed last week. See Section 226. See www.opencongress.org/bill/111-h4213/show and ask for Summary to see all provisions in pdf or excel format.

[taxea]

If Charlie Rangel loses his seat on the Ways and Means commitee, things could really change.( some Dems are running from him already) He has had control there for a long time. So, there are a lot of things in play for tax laws right now.

Rangel lost his seat on Ways and Means when the funny business he was up to first became public. The question now is will he resign. Maxine Waters seat in Congress is also kinda on the line and they are both arrogant enough to go to trial on the issues. One can only hope.
Between this and all the states suing the gov re the mandatory health care it should get very interesting. Hopefully all these issues will be settled between Nov and Jan.

[JON]

In case anyone really wants to know the answer is

there is no phase out of itemized deductions or exemptions for 2010. There has been no attempt to change this fact and they are headed home for their summer vacations today. The tax bill, November, will probably not happen or be very water down. The phase-outs are gone, but the alternative minimum tax patch is not on anyone's bill right now. Obviously the very rich will benefit from no phase out, because they can dump more deductions into 2010 take full advantage and still will not move down into a lower income tax bracket (stay at 33% or 35%) that would not kick any alt min in.

I am conservative, but I do not think Charlie and other Dems are any different from the other party. Money and power corrupt absolutely!!!! The government has not worked well for future with 30+ years (deficits), but it has worked well for those getting checks from it. We let it happen and future generations are going to pay for our mistakes. It is too late for us to make any meaningfull correction. 16 years ago I got to have a meeting with my local US Representative - he was a Republican, but left of center. He was a nice guy and explained how the Bush regime did invite him to do anything at the 1992 convention. I listed to all of that and then it was my turn. I explained what I thought of deficits and long term we were not going to earn them back. He politely listen to me and at the end stood up put his hand out and said "Jon things are not that bad". He retired 2 years ago and has recently leveled his house in an exclusive lake area and is building a new one. He is doing a little consulting, but the from my viewpoint the system worked better for him then it did for my kids and grandkids.