Friday, July 31, 2009

$1.6b Tax Break for Trial Lawyers

Trial lawyers make billions and contribute millions to Obama and Democrats. Virtually every new piece of legislation proposed by Obama or the Democratic Congress contains new ways for trial lawyers to sue and enrich themselves.

However, this piece of legislation takes it to a new level.

Specifically, the proposal would enable plaintiffs' lawyers to deduct loans to clients to cover litigation expenses as made, rather than at the conclusion of the litigation. The estimated value of the tax code revision is $1.6 billion.