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Quote of the day number 1:
"The state is bound, like any other party is bound, to the contracts to which it freely and knowingly enters, and from which it benefits. Here the state seeks to abrogate that which it has promised but offers neither to forgo future payments or to refund past payments."
- Minnesota District Court Judge Michael Fetsch, in striking down a 75-cent per pack "tobacco health impact fee" enacted in violation of the tobacco settlement.
Quote of the day number 2:
"The judge made a significant error by ignoring the principal of separation of power which is the Legislature's authority to independently make decisions without being bound by prior agreements reached by the attorney general."
- Minnesota Governor Tom Pawlenty, who is still quite willing to cash the checks from the tobacco settlement negotiated by the attorney general.
More here.
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The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to