deductions - The S Corporation Association

The President and Cantor on Taxes

The Hill was all atwitter last evening with rumors that some sort of deal had been reached over raising the debt ceiling and the deficit reduction package that needs to accompany that legislation.

In moments like these, the question we ask is: A deal between whom? Certainly not the President and House Republicans, which is the ”deal” that matters most at this moment. Nonetheless, the news yesterday gives us some additional insight into where negotiations stand.

The three moving parts behind the rumor were: 1) the pending meeting today between the President and Hill leadership; 2) the President’s concession that both Social …

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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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