Friday, June 26, 2015


* The big tax news this week - Eric Reed explains “What Obamacare Supreme Court Decision Means for Consumers” at THE STREET –

The lawsuit focused on specific language from the Affordable Care Act's Definitions section, which says that subsidies shall be made available to individuals who enroll in exchanges “established by the state.” Under the plaintiff’s plain-meaning argument, this word choice should preclude subsidies for anyone except those enrolled on state-based insurance exchanges, specifically the federal exchange

The Court rejected this interpretation, along with the plaintiff’s argument that this language was built into the law intentionally to coerce states into setting up their own exchanges at the risk of losing access to federal subsidies.”

The piece also explains –

Today’s ruling for the government will leave the system more or less in place, allowing subsidies to continue uninterrupted for enrollees on the federal exchange.”

While I support this SCOTUS decision, the law that is Obamacare is such a mucking fess that it truly needs to be drastically revised and rewritten.  If it is, I hope this time the idiots in Congress will actually read it.

* William Perez covers the issue of the “Premium Assistance Tax Credit”, and the Court decision, in detail at ABOUT.COM.

* Fellow tax pros – Have you reviewed, and commented on, my discussion of the proposed “Tax Practitioners Bill of Rights” at THE TAX PROFESSIONAL yet?  And have you checked out the MAILBAG Page lately? 

* Check out my article “Claiming Dependents: What Happens When Your Kids Fly the Coop?” at HOW MONEY WALKS.

* So long, farewell, auf wiedersehen, good night.  Another blog bites the dust.  I say good-bye to BOB’S BABBLINGS, but not without providing the answer to my Trivia Challenge.

* MARKET WATCH provides a slide show of “The 10 Most Tax-Friendly States for Retirees”.

My current home state of Pennsylvania is #10.  I doubt I would want to live in any of the other 9 (except maybe New Hampshire).  Nevada is #1 on the list (enjoy visiting every 4 or 5 years, but wouldn’t want to live there).

* Now here’s an appropriate item for a BUZZ post (as Joe Kristan has suggested) – William Perez gives “Tax Advice for Cannabis Entrepreneurs” at ABOUT.COM

* Don‘t know what to get your child as a graduation present.  Here’s an idea from Beverly DeVeny of THE SLOTT REPORT – “Give the Graduate a Gift of a Roth IRA”.

Of course the graduate must have earned income - and at least $5,500 to make the maximum contribution.   

* And the beat goes on.  Jason Dinesen gives us “Part 11: Meet the ‘Single Penalty’” in his series on “Marriage in the Tax Code” at DINESEN TAX TIMES.
If you ask me there should be neither a Single Penalty or a Marriage Penalty in the Tax Code!

* In case you were wondering, “Yes, Your 529 Plan will Affect Financial Aid”.  So says Kathryn Flynn at SAVING FOR COLLEGE.

* I can’t believe that anyone takes self-important fool Donald Trump seriously.  But it seem that he will be included in the first Republican debate!  I guess they figured the debate needed some comic relief. 


I recently saw an excellent production of DAMN YANKEES at the Forestburgh Playhouse in (where else?) Forestburgh NY.

The number that opens the second act, THE GAME, could only be sung in the context of the 1950s.  Individual members of the Washington Senators sing about how they fought temptation – women, liquor, etc - because they “thought about the game”.  Do any of today’s players actually think about the game?  Doing so certainly has not helped them fight off temptation?  Basically they just think about themselves, as do most professional team athletes today.

The concept of a player selling his soul to the devil, however, would certainly play today.


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