Trial Lawyer Tax Breaks

Posted: May 22, 2008 12:00 PM

The Democratic majority has routinely rejected every proposed tax reduction on Americans and they have steadfastly stuck to their insistence on repealing every tax reduction passed during this century. That will raise taxes on every single American who currently pays taxes and add some new ones to the tax rolls.

But there is one group that apparently is deserving of a tax cut, according to the majority. Contingent fee trial lawyers. Yep, you heard me correctly. Buried in a recent tax increase bill (which I opposed and the president will likely veto) was a special tax break for trail lawyers paid under a contingent fee. It would allow them to deduct their expenses on a contingent fee case whenever they incur them rather than wait, as current law requires, until the case is concluded. This bill contained mainly tax increases on lots of other businesses. This was one of the few tax cuts in the bill.

Maybe this is to aid the struggling trial lawyer industry? After all, they are the engine of our economy aren't they? They employ so many people? Yeah right.

Is there any question what special interests rule the roost now?