Tax News & Views - June 8, 2012
Vol. 13, No. 21
Tax Policy Group, Deloitte Tax LLP
- Medical device excise tax repeal clears House – In a bipartisan vote of 270-146, the House of Representatives passed legislation that would repeal the 2.3 percent excise tax on medical devices that was enacted under the Patient Protection and Affordable Care Act of 2010.
- S corp offset off the table for student loan legislation – Senate Majority Leader Harry Reid, D-Nev., abandoned efforts to cover the estimated $5.9 billion cost of a one-year extension of the current-law reduced interest rates on federal direct student loans with a provision that would increase self-employment taxes on certain shareholders of S corporations or partners in partnerships that provide professional services.
- Ways & Means subcommittee takes second swipe at examining future of tax extenders – In its second hearing on the issue since April, the House Ways and Means Select Revenue Measures Subcommittee heard from academic and government panelists about the framework that congressional taxwriters should use to evaluate whether expired and expiring tax provisions should be retained, modified, or eliminated.
- A message from Jon Traub, Deloitte Tax LLP’s new managing principal for tax policy – Former House Ways and Means Committee Staff Director Jon Traub joined Deloitte Tax LLP as the new leader of the Tax Policy Group in the Washington National Tax practice.
See attached file for details.
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