Trial Lawyers Expect Tax Break From Treasury Department

Posted: Jul 14, 2010 11:45 AM
I'm sure this is purely coincidental, but just days after Harry Reid and his fellow Democrats returned from a weekend fundraising party in Canada with their trial lawyer friends, Legal Newsline is reporting that the trial lawyers' American Association for Justice is expecting some cushy tax breaks in the near future:
The nation's trial lawyer group, the American Association for Justice, revealed Tuesday that it expects the U.S. Department of Treasury to soon give its members a tax break on contingency fee lawsuits.

The tax break could be similar to proposed legislation that didn't make it through Congress last year. That proposal, sponsored by U.S. Sen. Arlen Specter, D-Pa., would have allowed attorneys to deduct fees and expenses up-front for filing contingency fee lawsuits.

John Bowman, the Director of Federal Relations for the AAJ, said in response to a question from a state delegate regarding recruiting new members that an administrative order from the Treasury Department could come as soon as tomorrow, sources told Legal Newsline.

The Treasury Department cautioned the AAJ not to go public with the information yet, according to Bowman, sources also said.
So, the tax proposal didn't make it through Congress, but no worries--congressional approval is just a small, insignificant detail.  The Obama administration has got your back, trial lawyers!