Tax News & Views - August 3, 2012
Vol. 13, No. 32
Tax Policy Group, Deloitte Tax LLP
- House OKs across-the-board extension of Bush tax cuts, parameters for fast-track tax reform – With the August recess looming and the “official” start of the general election campaign season just over a month away, the House of Representatives approved one Republican-sponsored bill that would temporarily extend the Bush-era tax cuts for taxpayers at all income levels and another that would provide expedited procedures for tax reform legislation in 2013.
- Finance Committee approves tax extenders package – The Senate Finance Committee approved by a bipartisan vote a modified version of legislation that would extend numerous expired and expiring individual, business, and energy tax provisions and patch the individual alternative minimum tax.
- Senate taxwriters consider choice-of-entity issues in tax reform – Witnesses at a Senate Finance Committee hearing stated that tax reform was needed to reduce distortions caused by choice-of-business-entity decisions, but that lawmakers should be very careful to consider all the complexities surrounding entity choice and taxation of business investment when crafting a reform package.
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