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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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2019-02-06T17:22:35+00:00February 26, 2009|

Estate Tax Fix Poses Threat for Family Businesses

As we have noted, the stars appear to have aligned for a big estate tax compromise later this year, most likely to be focused on freezing the 2009 rules for at least a year. This means the current top tax rate of 45 percent and $3.5 million exclusion will stay the same for a while. But there’s lots of mischief that can take place under those broad levels.

As tax reformers will tell you, the base is just as important in determining your tax burden as the rates.

With that in mind, several S-Corp allies have pointed out legislation introduced by Congressman …

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2019-02-06T17:22:35+00:00February 20, 2009|

Auto Bailout Stalls Stimulus

Congress is back for the week, but we do not expect much to get done. House and Senate Democrats support allocating $25 billion from the Troubled Asset Relief Program to bailout the Big Three automakers, while the White House, Treasury and Congressional Republicans oppose expanding the program.

The auto bailout could be considered as part of a set of a broader economic stimulus package introduced by Senate Majority Leader Harry Reid (D-NV). We expect the Senate to take up some or all of the Reid …

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2019-02-06T17:22:36+00:00November 19, 2008|

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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2019-02-06T17:22:36+00:00November 10, 2008|
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