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Budget Debate and Taxes

Everyone in Washington knows Congress will have to address the growth of the Alternative Minimum Tax (AMT) and the expiration of popular tax provisions over the next three years. Just how they will go about it, however, is very much up in the air.

Both the House and the Senate are considering their respective budgets this week. Lots goes into a federal budget, as you can imagine, but nothing is more important for S corporations than how this budget will address the AMT and expiring tax provisions.

On this question, the House and Senate are moving in opposite directions. The House wants …

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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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Budget Debate and Taxes

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

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