The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) is a Republican tax cut program that was approved in the first year of George Bush’s presidency. It was enacted to help stimulate the economy and restore financial confidence after 9/11. In an effort to save taxpayers nearly $1.4 trillion over a 10-year period, [...]
Archive of entries posted on October 2009
U.S. House Will Receive New Estate Tax Bill
Courtesy of Reuters.com By Kevin Drawbaugh and Andrew Hay October 23, 2009 A U.S. estate tax bill is in the works and may arrive soon on the floor of the United States’ House of Representatives, lower house Democratic Leader Steny Hoyer said on Friday. “We would like to bring to the floor in the next few weeks, [...]
Recession pulls U.S. senior citizens back to work
Courtesy of Reuters.com By Lucia Mutikani and Dan Grebler The worst U.S. economic recession in 70 years is forcing senior citizens out of retirement, leaving them fighting for jobs in a weak labor market or risk homelessness, according to a private study. The study by Experience Works showed 46 percent of the 2,000 low income [...]
NYC Social Monarch’s Son Charged with Grand Larceny
“The son of Brooke Astor, the philanthropist and long-reigning matriarch of New York society, was convicted in Manhattan on Thursday on charges that he defrauded his mother and stole tens of millions of dollars from her as she suffered from Alzheimer’s disease in the twilight of her life.” (John Eligon, NYT)
Brooke Astor’s son, Anthony Marshal was awarded Power of Attorney over some his mother’s finances, while Mrs. Astor had been suffering from Alzheimer’s disease. “But the kinds of financial requests and investments he made later mushroomed into a scandal involving accusations of elder abuse”. (John Marshall Mantel, NYT) In 2006, Marshall’s own son reported to the court that his father was enriching himself at the expense of his grandmother, not filling prescriptions, emptying her estate of valuable art work, and shortening her staff. Marshall’s son formally requested that the court take away his father’s guardianship rights and in 2007 Mrs. Astor died at the age of 105.
