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PostHeaderIcon Tax News – July 31, 2013

It’s the end of a month.  While I don’t know what August will hold in the store in the tax arena, here’s what happened on the last day of July.

Yesterday I talked about the president’s plan to overhaul corporate taxes in exchange for some more stimulus money.  If there was any question, it became official today when the republicans started blasting the plan.  Mitch McConnell even went as far as saying the proposal might kill tax reform.

Speaking of, it must be a slow news day because tax reform is finally “being noticed.”    Although it looks like that notice doesn’t extend to the Senators who were asked to pitch in their ideas because the ideas that have been thrown in the pile have ranged from vague to non-existent.

This article talks about a way to save some capital gains tax if you have a kid who’s going to school.  Rather than paying for their school, you gift them appreciated shares of stock which they then sell to pay for college.  They then get to use the college tax credit to offset any capital gains they might pay.

Here’s a cool article talking about the state tax implications on player’s who got traded around this year’s baseball trade deadline.  The big winners or losers either came from or went to a state with no income tax like Florida or Texas.