capital gains - The S Corporation Association

Obama’s Tax Plans Take Shape

President Obama released a 140-page outline of his budget today that reflects his revenue and spending priorities for the next couple of years.

Chief among these is a major change in federal health care policies. As made clear in his speech to Congress the other day, health care reform is first among the several big reforms on the table and his budget sets aside $634 billion of the estimated $1 trillion he plans to spend on the plan.

To raise the $634 billion, Obama calls for: 1) limiting itemized deductions for …

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admin2019-02-06T17:22:35+00:00February 26, 2009|

Congress Reaches Deal on Stimulus

Sometimes, Congress meets a deadline. Six weeks ago, congressional leadership and the new Obama Administration had set out the Presidents’ Day recess as the deadline for getting the economic stimulus package to the President’s desk.

With the House’s vote on final passage today and the Senate expected to consider the bill as early as this evening, all indications are they’ll make it. Here’s a quick summary of the $789 billion package as outlined by the conferees:

$301 billion in family and business tax relief (down from $350 billion in the Senate bill).
$70 billion in renewable and energy efficiency provisions.
$140 billion in higher …

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admin2019-02-06T17:22:35+00:00February 13, 2009|

Second Stimulus on the Horizon

A second stimulus package is being formulated up on the Hill, but is by no means a done deal at this point.B Just before adjourning for the election, the House passed a $61 billion bill containing infrastructure spending, aid to state governments and increased unemployment benefits, which will likely serve as a starting point for second stimulus discussion.B That package included:

$30 billion for infrastructure projects including highways, bridges, transit and water projects;
$1 billion for public housing;
$2.6 billion for food stamp program;
A temporary increase in Federal Medicaid assistance to states; and
An extension in unemployment …

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admin2019-02-06T17:22:36+00:00November 10, 2008|

Congress to Consider Lame Duck Session Stimulus

What time is it when the market is down, unemployment is up, personal consumption is falling and manufacturing activity is contracting? Time for another economic stimulus package.

Last week, the Ways and Means Committee confirmed it will hold a hearing on the economic stimulus package on October 29^th. The specifics have yet to be worked out and several House and Senate Committees are expected to have a hand in crafting the bill. Politico lists the most likely contenders:

It could include a permanent tax cut for lower- and middle-income families, in …

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admin2019-02-06T17:22:36+00:00October 20, 2008|

More Details, Little Clarity on the Tax Front

Just to keep everybody up to speed, there are a couple recent tax items of note.

First, CongressDaily reports the House may take up yet another extender package prior to the Memorial Day recess. This package reportedly includes energy provisions as well as the expired extenders like R&E and the state and local sales tax deduction. An extension of the Alternative Minimum Tax “patch” does not appear to be under consideration.

Regarding the central issue of whether the revenue impact of the package will be offset by accompanying tax increases, Majority Leader Steny Hoyer …

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admin2019-02-06T18:06:09+00:00May 8, 2008|