Tax News & Views - March 1, 2013
Vol. 14, No. 11
Tax Policy Group, Deloitte Tax LLP
- Sequester poised to take effect as partisan standoff over substitute continues – An estimated $85 billion in across-the-board spending cuts for fiscal year 2013 are set to take effect by midnight March 1 as Democrats and Republicans remain unable to agree on a plan to delay or replace them and a meeting at the White House between President Obama and congressional leaders from both parties yielded no last-minute solutions.
- Senate confirms Lew to head Treasury Department – The Senate voted 71-26 to confirm Jacob “Jack” Lew as President Obama’s next Treasury secretary.
- Expect Ways & Means action on tax reform this year, Camp says – Chief House taxwriter Dave Camp, R-Mich., reiterated his commitment to moving tax reform legislation through the Ways and Means Committee by the end of the year and told reporters that Speaker John Boehner, R-Ohio, has reserved the bill number “H.R. 1” for tax reform to underscore its importance to the House GOP agenda.
- Legislative outlook – Here’s a quick look at events taking shape for the coming week.
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