Capital Corner:  9 (Tenth) 11

Jim Brandenburg, CPA, MST, Shareholder - Tax  email | bio
September 2011

  Is it possible?  Has it been ten years since that fall day in 2001 that shook our nation and changed the world?  From the hustle and bustle of New York City and Washington, D.C., to the rolling hills of western Pennsylvania, tragedy struck. 

This month we pause and turn from addressing political and tax news, to reflect back on that fateful day that is etched in our collective memories.  We thought we would look back at our Capital Corner column from September/October 2001: 

 Capital Corner
September/October, 2001
Jim Brandenburg

What a difference a month makes.  Discussing the "goings-on" in Washington and the prospects for tax changes seems insignificant compared to the tragedies in New York, our nation's capital, and Pennsylvania.  The political hardball of the beltway one day became, overnight, a unified front to confront a new enemy.  Heroes appeared amidst the ruins and on the planes, never imagining what that day would bring.  Questions were left unanswered; flags were flown; prayers were offered; events were cancelled; tears were shed.  A nation that seemed not to be outraged by anything was, in fact, finally outraged and shocked.  Our day of infamy had come, all as Lady Liberty looked on.  

Where does this leave our country?  We stand united now.  We will work to provide relief to those affected, to restore our hopes, to defend our freedom, to protect our land and to seek justice.

Where does this leave our leaders in Washington?  They will come together to support our president, as well as our armed forces.  The political rhetoric will subside, at least for a while.  Congress will look to provide financial support to the affected areas.  As the debate turns to providing a stimulus to the struggling economy, however, differences will emerge.  Tax relief will be offered in several forms but how much, to whom, and how long is uncertain.  Possible changes could include a cut in capital gains, another round of tax rebate checks for targeted groups, faster depreciation for businesses, a cut in income tax rates, and Alternative Minimum Tax (AMT) relief.  It is unsure which, if any, of these changes will be adopted.  Unless partisanship makes a speedy return, the bill should be completed by early November. 

Where does this leave each of us? Through this tragedy we are at times almost emotionless, and then later, overcome with emotion.  We have been more generous, reflective and appreciative of what we have.  As we slowly heal and move forward, let us take with us the best of what helped us through these events.

 

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Much has changed in ten years, from "Let's Roll" to "Shock and Awe,"  and from Homeland Securityto 3 oz. of liquid or less to board a plane.  While the memories remain vivid in our minds, what lessons has our nation learned from these events?  At times it seems now, the most despised enemy is not across the world, but across the political aisle.  Yes, much has changed . . .  what will the next ten years bring?