Among all the other junk in the Democrats’ Build Back Better package is a giveaway for ambulance fighters.
That’s right: a $ 2.5 billion handout to litigation attorneys in the form of a new tax write-off.
The IRS usually prohibits attorneys from deducting expenses from unforeseen fee cases until they are resolved, as they should be reimbursed if the case is won or decided. Only if the lawyers does not get paid (as they risk taking the case on standby) because they lost the case they can write off their expenses.
But the enacted bill lets lawyers deduct the costs, whether they are reimbursed or not. According to the Joint Committee on Taxation, this would cost taxpayers $ 2.5 billion over a decade.
In short, this is a public subsidy for cases of unforeseen charges, which encourages the lawsuit to bring even more dubious lawsuits. That sounds like another corrupt political trick to send money to Democrats’ friends in the plaintiff’s bar.
How exactly is it to “build” something except donations to the party that is trying to sneak it through?
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