07/29/2010 - WASHINGTON, D.C. — U.S. Senator John Thune, along with 23 Senators, sent a letter today to Department of Treasury Secretary Timothy Geithner to voice concern over the Administration’s reported proposal to provide tax breaks for trial lawyers, and request more information on such efforts.
“While families and small businesses across our country struggle to make ends meet in these challenging economic times, the Obama Administration continues to craft backroom deals that favor special interests over the average American,” said Thune.
“From health care legislation to the recently-passed financial regulatory reform, Americans have witnessed this Administration and Congressional Democrat leadership cut deals with special interest groups. Instead of providing tax relief for political allies, we ought to be providing across the board tax relief for the average, hardworking taxpayer.”
The Treasury Department’s reported policy change would allow trial lawyers to deduct expenses and court costs in the year in which they were incurred, which could add up to $1.6 billion to the country’s $13 trillion national debt. Current law stipulates that expenses related to ongoing lawsuits can only be deducted in the year in which a case is decided. The letter below was signed by Senators Alexander, Barrasso, Bond, Bunning, Burr, Chambliss, Coburn, Cochran, DeMint, Ensign, Enzi, Gregg, Hatch, Inhofe, Isakson, Kyl, Lugar, McCain, McConnell, Roberts, Vitter, Voinovich, and Wicker.
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