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Home/Tag: Economic Stimulus

President’s Budget is Good for S Corporations, Too Bad Congress will Ignore It

The President’Fs fiscal year 2009 budget was released this morning together with the “Blue Book“ describing his proposed tax policies. Here are a couple thoughts as Congress begins the process of putting together its tax and spending bills for the coming year.

First, the whole process of the President’s budget has a strong element of unfairness to it. For the past three decades, every President has put together a comprehensive annual budget and sent it up to the …

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2019-02-06T18:43:58+00:00February 4, 2008|

Stimulus Deal Announced

As the news reported over the last couple of days, Administration and House leaders have agreed to a package of temporary tax relief to provide the economy with fiscal stimulus. As reported, the package would reduce revenues by about $150 billion over ten years. The major provisions are:

  • Rebate checks (tied to a temporary cut in the 10% tax bracket) to families – $600 for singles making less than $75,000 and $1,200 for couples earning less than $150,000.
  • Fifty percent bonus depreciation for business investment through the end of 2008.
  • An increase in small business expensing (section 179) from $125,000 to $250,000.
2019-02-06T18:43:58+00:00January 25, 2008|

Stimulus Introduced in House

The House Leadership released an outline of its proposed stimulus package yesterday with few surprises. The total package is $825 billion with $550 billion in new spending and $275 billion in tax relief. On the spending side, the package includes $550 billion in spending, and $275 billion for tax cuts. Some of the tax highlights include:

  • Making Work Pay Credit – offsets payroll taxes on the first $8,100 of earnings
  • Expanded Earned Income Tax Credit
  • Bonus depreciation
  • A five year carry-back of net operating losses (excluding companies receiving TARP benefits, Fannie Mae, Freddie Mac)
  • Extension of increased small business expensing
  • Tax-exempt bond provisions to help state …

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2019-02-06T18:43:58+00:00January 16, 2008|

2008 Tax Forecast

While everyone else is predicting the presidential primaries, we thought we’d take a look at the forecast for tax policy in Congress this year.

The usual refrain for a presidential election year is that all the real policy issues are pushed aside in favor of posturing for the election and the following session of Congress.

While we expect to see lots of posturing, there are two reasons why some real tax work might get done this year, namely, the deteriorating economy and the expiration of the R&E tax credit and other tax extenders.

Nearly all of the Presidential candidates have put forward a …

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2019-02-06T18:43:58+00:00January 16, 2008|

Stimulus Deal Announced

As the news reported over the last couple of days, Administration and House leaders have agreed to a package of temporary tax relief to provide the economy with fiscal stimulus. As reported, the package would reduce revenues by about $150 billion over ten years. The major provisions are:

  • Rebate checks (tied to a temporary cut in the 10% tax bracket) to families – $600 for singles making less than $75,000 and $1,200 for couples earning less than $150,000.
  • Fifty percent bonus depreciation for business investment through the end of 2008.
  • An increase in small business expensing (section 179) from $125,000 to $250,000.
2019-02-06T18:46:06+00:00January 25, 2007|
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