Tax News & Views - July 13, 2012
Vol. 13, No. 27
Tax Policy Group, Deloitte Tax LLP
- Prospects for pre-election agreement on Bush tax cuts remain elusive as partisan positions harden – President Obama’s renewed call to extend the Bush-era tax cuts only for low- and moderate-income taxpayers sparked a messaging war between Democratic and Republican congressional leaders that added to a growing sense of inevitability that a final agreement is unlikely before the post-election lame duck session.
- Senate sinks small business tax bills – The Senate failed to garner the 60 votes needed to end debate on legislation sponsored by Majority Leader Harry Reid, D-Nev., that would provide small businesses with a one-year tax credit equal to 10 percent of certain wages and compensation paid during calendar year 2012.
- Patient Protection Act repeal clears House – The House of Representatives approved legislation sponsored by Majority Leader Eric Cantor, R-Va., that would repeal the Patient Protection and Affordable Care Act of 2010.
- Legislative outlook – Here’s a quick look at events taking shape for the coming week.
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