The last decade has certainly been filled with wild financial ups and downs – but it has also seen quite a collection of tax law changes. Some of the highlights of the first decade of the new millennium include:
Economically Stimulating Tax Rebates:
Rebates designed to stimulate economic growth were sent out under George W. Bush in 2001, 2003 and 2008. The Obama administration has continued the ground level economic stimulus trend, giving out Make Work Pay credits to working Americans and rebates to retirees.
Deep Tax Cuts:
The tax-cutting legislation included the second President Bush’s 2001 Economic Growth and Tax Relief Act included adding a 10% tax bracket, expanding the 15% tax bracket (which eased up on the so-called “marriage penalty”) and lowering the highest tax rate to 35%. Bush also upped the child tax credit, shrank capital gains taxes, and gradually phased out estate taxes.
Tracking Down Tax Evaders:
In 2009, Americans stashing cash in private offshore accounts in order to evade paying taxes came under attack when the IRS made a deal with Switzerland to cooperate with the US government. The IRS also offered amnesty to tax-shirkers who came clean on their own – and nearly fifteen thousand offshore account holders turned themselves in to avoid stiffer penalties.
Congress Keeping Us Guessing:
Last minute changes to tax law have kept both the IRS and tax payers on the edge of their seats. In 2009 Congress failed to extend the estate tax for 2010, meaning that there will be no estate tax – unless they decide to instate it retroactively. The uncertainty has caused a huge headache for estate planners nationwide.
At The Pew Law Center, PLLC, we understand that if you do run into tax problems with the IRS, it can be overwhelming. Whether you owe back taxes, haven’t filed taxes for several years, or have received an audit or wage garnishment notice from the IRS, the attorneys at The Pew Law Center, PLLC can help you or your business with these and any other federal and state tax problems.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona work through tough tax problems or file for bankruptcy every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing tax problems. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.