Author
Tax Policy Group, Deloitte Tax LLP

• Baucus: Senate Extenders Bill to Bypass Finance Committee; Floor Consideration Likely Next Week – Senate Finance Chairman Max Baucus, D-Mont., told reporters that his tax extenders package (S. 2886) will go directly to the Senate floor as soon as June 11 and will not be taken up and considered in committee.
• President Expected to Sign Expat/Military Tax Bill Soon – Soon after he officially receives it from Congress, President Bush is expected to sign into law a $1.2 billion military tax relief package that would be paid for by adopting new rules for taxing individuals who expatriate, altering the tax treatment of foreign subsidiaries of U.S. companies for employment tax purposes and increasing penalties for failure to file returns.

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