Tax News & Views - February 8, 2013
Vol. 14, No. 8
Tax Policy Group, Deloitte Tax LLP
- Obama calls for package of tax reforms, spending cuts to delay sequester – President Obama called on Congress to approve a “package of spending cuts and tax reforms” that would delay the implementation of the across-the-board spending cuts that were enacted under the Budget Control Act of 2011 and scheduled to take effect next month.
- CBO projects ‘historically high’ debt levels for fiscal 2013-2023 – Congress and the White House got a fresh reminder of the challenges they face in putting together a budget for fiscal year 2014 as the Congressional Budget Office reported in its annual Budget and Economic Outlook that, based on current law, the deficit is projected to total nearly $7 trillion for fiscal years 2013 through 2023 and federal debt is projected to remain at “historically high levels” as a percentage of gross domestic product (GDP) throughout that period.
- Ways & Means leaders to establish tax reform working groups – House Ways and Means Committee Chairman Dave Camp, R-Mich., and ranking member Sander Levin, D-Mich., will form bipartisan working groups of taxwriters to explore issues related to corporate tax reform, a Ways and Means staff member told Deloitte Tax LLP.
- Legislative outlook – Here’s a quick look at events taking shape for the coming week.
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