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Treasury Releases "Green Book" of Tax Proposals |
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May 14, 2009. The Obama administration released much-anticipated details about its proposed tax cuts and revenue raisers on May 11. The Treasury Department's General Explanations of the Administration's Fiscal Year 2010 Revenue Proposals (also known as the "Green Book") describes the administration's tax agenda, including permanent Making Work Pay, American Opportunity and research credits; a package of international tax reforms; reinstatement of the 36 and 39.6 percent individual marginal income tax rates; expanded information reporting; and automatic enrollment in IRAs. According to the Treasury, the proposals would generate $736.5 billion in savings for individuals (largely aimed at middle income taxpayers) and $71 billion in long-term savings for businesses. Revenue raisers would bring in roughly $900 billion.
Read CCH's Special Tax Briefing PDF For Full Coverage
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President-Elect Obama Brings Ambitious Tax Policy Agenda to Washington |
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December 4, 2008. On January 20, 2009, Barack Obama will take the oath of office as the 44th president of the United States. Federal tax policy is guaranteed to be at the forefront of President Obama's agenda. Democrats in Congress are preparing an economic stimulus package, which they hope to have ready for the new president's signature on January 20. It is likely to include significant individual and business tax incentives. The stimulus package may also include tax incentives for individuals and businesses to "go green" along with a huge infusion of federal funds for state and local infrastructure spending.
The president-elect is counting on a stimulus package large enough to jolt the economy out of what some are calling the worse slowdown since the 1930s. One way to jump start the economy in the view of the incoming administration is to get more money into taxpayers' hands, thereby increasing the consumer spending needed to drive the economy.
Read CCH's Special Tax Briefing PDF For Full Coverage
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Presidential Candidates Outline Tax Policies |
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September 18, 2008. As the U.S. prepares to elect its 44th president, tax and accounting professionals and their clients are looking for details about the tax policies of the candidates of the two major parties. This special CCH Briefing describes the tax policies of John McCain, the Republican Party candidate for president, and Barack Obama, the Democratic Party candidate, with analysis of the potential impact of their tax policies.
Whoever is elected on November 4 will likely unveil his tax policies soon after taking office so Congress can begin holding hearings and drafting legislation. Once Congress begins its work, practitioners and taxpayers can expect to see more details about changes in federal tax policy. The track record for newly-elected presidents to get a large tax bill passed during their first year in office is good. That makes 2008 year-end tax planning especially challenging and urgent since the door may close after this year on many current tax breaks.
Read CCH's Special Tax Briefing PDF For Full Coverage
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Congress Enacts Farm Bill Overriding Bush Veto And Passes Military Tax Relief |
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May 22, 2008. The Food, Conservation, and Energy Act of 2008 (H.R. 2419), also known as the Farm Bill, has finally been enacted into law.
The Senate on May 22 successfully overrode President Bush's May 21 veto of the bill by a convincing 82-13 vote. The House overrode the veto the day earlier immediately after the president's veto by a lopsided margin of 316-108.
Due to an enrollment error, however, the legislation contained only 14 of the 15 titles when the House and Senate adopted the conference report on the bill on May 14 and 15, respectively.
Nevertheless, the tax title was included in the legislation sent to the President and in the override votes by Congress. It is not clear at press time if the procedural mix-up will result in litigation challenging the legislation.
Read CCH's Special Tax Briefing PDF For Full Coverage
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Congress Passes AMT Patch, Foreclosures Relief and More |
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Updated December 20, 2007. Just weeks before the start of the 2008 filing season, Congress passed an AMT patch, which is expected to keep millions of middle income taxpayers out of the reach of the AMT for the 2007 tax year.
Congress also provided major assistance to many homeowners facing foreclosure in the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648).
Additionally, Congress passed an energy act with several tax provisions, special tax breaks for victims of the Virginia Tech tragedy, and an omnibus FY 2008 budget that increases funding for the IRS.
Congress also passed a substantial technical corrections bill, as well as one that resolves a dispute over the IRS Commissioner's term of office.
Read CCH's Special Tax Briefing PDF For Full Coverage |
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President Bush Signs Tax Relief and Health Care Act of 2006
Includes Tax Extenders and Much More; $45.1 Billion in Tax Breaks for Individuals and Businesses |
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Updated December 20, 2006. The new law retroactively restores some popular expired tax cuts to the start of 2006. There's much more, however. The new law also enhances some important tax incentives, bolsters Health Savings Accounts, revises deadlines for certain excise taxes, extends some expiring energy credits, makes critical "technical corrections" to existing tax laws, and includes an impressive list of "miscellaneous" tax relief.
Read CCH's Special Tax Briefing PDF For Full Coverage
Quick Tax Facts - 2006 Tax Act Changes in Context
Download CCH's FREE supplement covering the 2006 Tax Relief and Health Care Act
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Congress Passes Emergency Pension Tax Relief/Technical Corrections |
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December 11, 2008. In response to the continuing drumbeat of bad economic news, Congress passed the Worker, Retiree, and Employer Recovery Act of 2008 (H.R. 7327), suspending required minimum distributions (RMDs) from 401(k) plans, IRAs and similar retirement accounts for 2009, providing pension pension plan funding relief, and including technical corrections to the Pension Protection Act of 2006. A $14 billion automaker rescue package, passed by the House on December 10, appears to be stalled in the Senate at this time. The White House has indicated that President Bush will sign the Worker, Retiree, and Employer Recovery Act as soon as it reaches his desk.
Read CCH's Special Tax Briefing PDF For Full Coverage |
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President Signs Financial Markets Rescue Plan, AMT Patch, Extenders, Disaster Relief and More |
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October 3, 2008. President Bush signed the historic Emergency Economic Stabilization Act of 2008, on October 3, 2008; the same day that the House passed the legislation by a vote of 263 to 171. The House vote came just two days after the Senate passed the measure by a vote of 74 to 25, and four days after the House failed to pass a similarly title bill.
The landmark legislation gives the Treasury $250 billion immediately, and requires the president to certify if an additional $100 billion is necessary. An additional $350 billion may be disbursed subject to Congressional approval. The Treasury Department is required to report on the use of the funds and progress made in addressing the crisis. An oversight board and a special inspector general will also be created to watch over the Treasury department
Read CCH's Special Tax Briefing PDF For Full Coverage
Special Resources from CCH for Tax Legislation
For additional CCH tax legislation resources, including white papers on the sub-prime lending crisis and SEC rules on short selling, please visit: http://www.cch.com/rescue/
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President Signs the Housing and Economic Recovery Act of 2008 |
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Updated July 30, 2008. Reacting to the continuing slump in housing sales, along with rising unemployment numbers and weakness in the credit markets, Congress passed the Housing and Economic Recovery Act of 2008 (H.R. 3221). Although the tax provisions are only one part of the larger American Housing Rescue and Foreclosure Prevention Act, they make significant changes.
The tax title includes $15.1 billion in tax incentives that are fully offset by far-reaching revenue raisers. While the tax incentives are targeted principally to home ownership and affordable housing, the offsets are collected from a variety of sources. New provisions that require credit card purchase information reporting by merchants and close a home sale exclusion loophole for vacation and rental property are among the more prominent offsets that will require a shift in tax strategies.
President Bush signed the bill into law on Wednesday, July 30, 2008.
Read CCH's Special Tax Briefing PDF For Full Coverage
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President signs Economic Stimulus Act of 2008 With Rebates and Business Incentives |
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Updated February 13, 2008. President Bush signed into law the Economic Stimulus Act of 2008 (HR5140). The legislation, estimated to cost $125 billion over a ten-year period, includes a recover rebate credit for 2008.
In addition to rebates, the new law includes $44.8 billion in business incentives that include generous expensing and bonus depreciation allowances, as well as additional help for homeowners facing foreclosure because of the mortgage meltdown.
Read CCH's Special Tax Briefing PDF For Full Coverage |
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President Bush Signs Small Business and Work Opportunity Tax Act of 2007 |
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Updated May 29, 2007. Following months of political wrangling, President Bush signed on May 25, 2007 the Small Business and Work Opportunity Tax Act of 2007, which is part of a much larger and more controversial bill, the U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act of 2007 (H.R. 2206).
The legislation passed the House by a 280-142 vote on May 24, 2007, followed the same day by Senate approval by a 80 to 14 margin.
The new tax law targets nearly $5 billion in tax incentives principally to small businesses but also to some larger ones. It also includes tax incentives to help taxpayers recovering from Hurricane Katrina, as well as an important package of S corporation reforms.
However, unlike past tax bills, the revenue raisers that mean more taxes for certain taxpayers are significantly fewer in number; although one - an expansion of the kiddie tax to apply to children who are 18 years old or who are full-time students up to age 24 - will impact millions of families.
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