Of Lame Ducks and Taxes

“Lame Duck” is often used to refer to a politician who is known to be in his or her final term of office, when constituents and colleagues look toward a successor. The historical origin of the term is attributed to eighteenth-century England where the term was used to refer to an investor who could not pay […]

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The Accidental (Tax-Free) Billionaire

Dan Duncan was the son of an oil-field roughneck. From humble beginnings, Mr. Duncan started his own oil and gas business in 1968 with $10,000 and a truck. Over the years, Duncan grew that business into a prosperous venture which is now known as Enterprise GP Holdings L.P., a publicly traded company (Ticker EPE). At his death […]

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What if Congress Does Nothing?

The clock is ticking! If Congress fails to act by the end of 2010, many significant tax provisions passed as part of the Economic Growth and Tax Relief Reconciliation Act of 2001 (often informally referred to as “EGTRRA”) will simply expire. This “sunset” feature of EGRRRA was enacted so that the law would comply with the Byrd […]

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Estate Tax Legislative Update

On January 20, 2010, the U.S. Senate took an unusual procedural step in placing HR 4154, the “Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Bill of 2009” directly on the Senate calendar.  In taking this action, the Senate is in the position to completely bypass the Senate Finance Committee, which is the […]

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New House Bill Would Reform Estate Tax

On October 22nd, a bill to permanently extend the federal estate tax for 2010 and beyond was introduced by a bipartisan group of Congressional Representatives. All four Representatives are also members of the House Ways and Means Committee – the tax-writing committee in the House. The bill would rescind 2010’s scheduled repeal of the estate tax. In addition, over […]

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