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Politics : Formerly About Advanced Micro Devices
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To: combjelly who wrote (465308)3/20/2009 1:37:56 PM
From: i-node  Read Replies (1) of 1578419
 
Correct. But taxes for this year have not been levied yet. Tax laws often apply to the year they are passed.

I think you mean "assessed". But normally, when tax law is changed during the year, it is for transactions AFTER the date of enactment.

So, for example, they normally would not change the tax law in March and have it apply to transactions that occurred in January. Rather, they change the law in March and have it apply to transactions occurring on April 1 or thereafter, something like that.

I can't think of a situation where legislation in March affected transactions dated prior to March. Tax rates and other items that are part of the self-assessment process do get changed, however, as the assessment happens at year end as you suggested.

That is different from just creating a new tax retroactively as Congress has done and that will surely be shot down.
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