David Blum featured in Law Bulletin article, "Lawyers want clients to take advantage of tax cuts in 2012"

David Blum, partner in the firm's taxation service group, was quoted in the Chicago Daily Law Bulletin on January 11, 2012. In the article, "Lawyers want clients to take advantage of tax cuts in 2012," Blum said apart from the possibility of some tax cuts expiring, new taxes figure to come into effect next year.

He also said, "those taxes could further entice clients to think about taking a planned tax hit in 2012."

"As part of the health-care law passed a couple years ago, there's supposed to be a new tax on investment income next year," he said.

That tax will be a 3.8 percent "surtax on unearned investment income of higher-income individuals," says a report from Thomson Reuters. It applies to either the net investment income or gross income, depending on how much a couple or individual makes, the report says.

Blum said the politics surrounding the tax on investment income sound increasingly familiar.

Part of me thought this would not go into effect, but there's so much gridlock in Washington, and it's an election year, that I don't know if anything will change," Blum said.