Home/Tag: elections

Highway Bill, Extenders, and the Tax Outlook for the Rest of the Year

The pending debate over highway spending has tax implications and the pass-through business community should pay attention.

The Highway Trust Fund will run out of money in the next couple weeks and both the Senate and the House are planning a two-step response — a short-term patch that will keep highway projects funded into next year and then longer bills that would establish highway policy for the next couple years.

How to allocate all those dollars for roads and bridges is always a complicated and politically charged affair.  So is how to pay for it.  Finance and Ways and Means both are

(Read More)

2019-02-01T20:05:23+00:00July 9, 2014|

Game On!

This morning, Ways and Means Committee Chairman Dave Camp announced that the House would act this fall, prior to the November elections, to extend current tax rates while outlining a process whereby the Committee would consider broad, comprehensive reforms to the tax code in 2013. This is obviously very welcome news to S-Corps and other job creators! Here’s what he had to say:

I can firmly say our goal is: One, block massive, job-killing tax increases; and, two, enact - not just pass - comprehensive tax reform. And, there is strong support to use the expiration of the 2010 compromise

(Read More)

2019-02-01T20:21:27+00:00May 17, 2012|

Lame Duck and Tax Policies

Congress is set to return for its lame duck session the week after next. With Thanksgiving in the middle and Christmas at the end, Congress has maybe three weeks to fund the government and figure out what to do with tax policy.

Before the election, we believed two outcomes were possible on extending the tax rates: either Congress adopts a one-year extension of everything (with some middle ground for the estate tax), or Congress does nothing and the new Republican House takes the issue up first thing in January.

The President’s original preference of extending only the middle-class tax relief does not

(Read More)

2019-02-04T15:47:03+00:00November 3, 2010|

The S-CORP Crystal Ball — Tax Writing-Committees in 2011

The Intrade Prediction Markets show Republicans have a 94 percent chance of taking the House today, but only a 42 percent chance of controlling the Senate. If Intrade is correct, what does that mean for the tax-writing committees?

House Ways and Means

Big changes in store here.Democrats maintain a 63 percent majority of the Committee (slightly better than their 59 percent majority in the House) -or 26 Democrats and 15 Republicans. If the House flips, we expect the committee ratios to flip as well, give or take a seat  – that means about 25 Republicans and 15 Democrats.

For Democrats,

(Read More)

2019-02-04T15:47:03+00:00November 2, 2010|