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Treasury Issues a New Tax Gap Report

This morning, the Treasury and the IRS released the new “tax gap” report. This report is in response to a request from Senate Finance Committee Chairman Max Baucus that the Treasury produce a plan to reduce the “tax gap” to 10 percent by the year 2017. The most recent estimate of the tax gap, for tax year 2001, was 16 percent. Or, if you prefer the glass to be half full, the U.S has a compliance rate of 84 percent, one of the highest in the world.

The real news here …

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2019-02-06T18:44:37+00:00August 2, 2007|

House Passes Small Business Tax Package — What’s the Next Step?

Real quick, the House just passed its small business tax package (H.R. 976) to accompany the proposed minimum wage increase, 360-45. This action follows a very bipartisan markup last Monday, where the tone of the hearing was a dramatic departure from what we’ve come to expect from Ways and Means meetings. That this comity occurred over a $1 billion package that included no S corporation provisions was a little disconcerting, but it is something we will have to work on.

So what’s the next step? The Senate could take up the House-passed …

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2019-02-06T18:46:06+00:00February 16, 2007|

A New Congress Brings New Tax Writers

Last week marked the swearing-in of all new Members of Congress and the official change in control of the House and Senate from Republican to Democratic hands. House Democrats elected Nancy Pelosi (D-CA) Speaker of the House and Senate Democrats elected Senator Harry Reid (D-NV) Senate Majority Leader.

On the Republican side, leadership was also elected - Rep. John Boehner (R-OH) is the Minority Leader of the House and Rep. Roy Blunt (R-MO) is Minority Whip – final committee assignments were also announced. Republican members filled the remaining two vacancies on the tax-writing Ways and Means Committee with Reps. Patrick Tiberi …

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2019-02-06T18:46:06+00:00January 9, 2007|
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