Tax News & Views - September 19, 2011Vol. 12, No. 43 |
Author
Tax Policy Group, Deloitte Tax LLP
- President’s deficit reduction plan proposes significant tax hikes for high-income individuals, businesses – President Obama on September 19 sent the Joint Select Committee on Deficit Reduction – informally known as the “supercommittee” – a detailed plan to cut the federal deficit by $3.2 trillion (net) over the next 10 years and fully offset the cost of the job creation and infrastructure spending package that he outlined earlier this month in address to a joint session of Congress.
The plan includes some $1.5 trillion in revenue provisions – some new and some recycled from earlier budget packages – that would, among other things, increase taxes on high-income individuals, tighten the international tax rules, change certain rules affecting life insurance companies and their products, eliminate provisions that benefit the oil and gas industry as well as the coal industry, and repeal certain longstanding tax accounting methods. It also sets the stage for yet another showdown with congressional Republicans, who remain adamant that they will reject any deficit reduction plan that includes tax increases.
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Tax News & Views - September 19, 2011
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