House Speaker John Boehner made a big decision that goes a long way toward steering the country away from the fiscal cliff. Instead of raising taxes on Americans earning more than $250,000, Boehner agreed to raise taxes on incomes of more than $1 million. This will raise $1 trillion over 10 years—$400 billion short of Obama’s new revenue demand. Now, if the other side can give something up—perhaps $600 billion in spending cuts to federal health care programs—negotiators will just have another $200 billion to haggle over to avoid the cliff.
The IRS still has the authority to impose fines on nonfilers.
Insurers have may defenses. One problem: The bad guys know about the defenses.
The law affects access to policy loans for insureds who are getting LTC-related accelerated death benefits.
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