By a 74-25 margin, the Senate easily passed legislation toughening the nation's bankruptcy laws and thereby making it more difficult for consumers to wipe out their debts. The bill now will go before the House and, if passed, will be signed into law by President Bush. "By reforming the system with this commonsense approach, more Americans -- especially lower-income Americans -- will have greater access to credit," the president said in a statement. Both credit card providers and the retail industry have been pushing for bankruptcy reform for years, while critics argue that the reform legislation serves as a reward for lenders who aggressively market consumers to assume higher debt. "This bill sacrifices the hopes and dreams of average Americans to the rampant greed of the credit card industry," said Sen. Edward Kennedy, D-Mass. "This bill targets the abusers of the system, not those who legitimately need help," said Sen. Mike Enzi, R-Wyo., a member of the Senate Banking Committee. The reform bill also contains a means test to determine if people should enter compulsory repayment plans.
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Making use of refunds; playing defense; how to use thin air; and other highlights of recent tax cases.
July 3 -
New FICPA chair begins tenure; Blue & Co. opens new office in Chattanooga; and more news from across the profession.
July 3 -
House Republicans passed the wide-ranging Trump tax legislation dubbed the One Big Beautiful Bill Act, overcoming resistance from a group of GOP holdouts and united opposition from Democrats.
July 3 -
Plus, FileAI announces V2 platform launch; Foxit launches PDF and Document Workflow APIs; and other accounting tech updates.
July 3 -
The American Institute of CPAs' Auditing Standards Board is looking for feedback on a proposed standard updating auditors' responsibilities related to fraud.
July 3 -
The jobs report beat expectations, while the unemployment rate dipped one-tenth of a percentage point to 4.1%.
July 3