POINTOFLAW – Fascinating post about a new trial lawyer tax break in the works in DC

“AAJ looking to quietly pass plaintiff lawyer tax break”

Another eye-opening story from Chris Rizo at the Chamber’s Legal NewsLine: the litigation lobby is quietly preparing to push through a $1.6 billion (with a “b”) tax break for contingent-fee lawyers that would let them deduct expenses as made, rather than in the year of settling a suit. AAJ lobbyist Linda Lipsen says Sens. Harry Reid and Max Baucus and Reps. Nancy Pelosi and Charles Rangel are among those on board, as well as “some Republicans”, but “the problem is there is not a tax vehicle yet,” — “You cannot have a stand alone bill to help lawyers … so we have to tuck it into something.”

Walter Olson
Point of Law
7/30/9