president - The S Corporation Association

Battle Lines on Tax Policy

The President rolled out his latest deficit reduction outline yesterday. As expected, it included several tax recommendations. In sum, the President is calling for an additional $1.5 trillion in tax collections over the next decade, including:

Expire Bush Tax Cuts on High Income Earners ($800 billion)
Cap Itemized Deductions & Exemptions at 28 percent ($400 billion)
Various Loophole Closers ($300 billion)

There are a number of challenges with the list. First, allowing tax provisions already set to expire to, well, expire, doesn’t raise any revenue. It’s already in current law. That $800 billion in savings doesn’t exist.

Second, the President already proposed to use the …

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President’s Budget Proposal Released Today

We don’t usually involve ourselves in spending debates but the President’s budget proposal came out this morning and, given the sea of red ink ahead, we thought a quick overview of the budget process and challenges ahead might be in order.

The President’s budget would reduce the deficit by $1.1 trillion over the next decade b- two-thirds from spending cuts and one-third from tax increases. The proposed budget would trim or terminate 200 federal programs within the next year, reduce Pentagon spending by $78 billion, freeze non-security discretionary spending for 5 years, and increase spending in education, transportation and energy and …

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Battle Lines on Tax Policy

President’s Budget Proposal Released Today

President’s Budget Proposal Released Today