Tax News & Views - September 21, 2012
Vol. 13, No. 35
Tax Policy Group, Deloitte Tax LLP
- Congress prepares for election recess without addressing packed tax and spending agenda – With an agreement in place for a continuing budget resolution to keep the government afloat through next March, the House and Senate were clearing the decks to adjourn for six weeks of campaigning, leaving action on the Bush tax cuts, expired and expiring tax extenders provisions, and $1.2 trillion in mandatory spending cuts on hold until a lame duck session scheduled for after the elections.
- House and Senate taxwriters examine treatment of capital gains in tax reform – Members of the House Ways and Means and Senate Finance committees held a joint hearing to consider the trade-offs inherent in different proposals for capital gains taxation under a reformed tax code.
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