Jan 13, 2012
Well the curtain is up on 2012. What should we expect from Washington this year? The short answer is not much until the bitter end.
The longer answer: If you thought last year was a nightmare on Capitol Hill, this year is likely to be a whole lot worse. With control of the Presidency, Senate and House all up in the air, it is going to be all politics, all the time.
So what can we expect in the short term?
Charitable Deduction | Federal | State
Jan 13, 2012
Happy New Year and welcome to 2012! We anticipate a busy year ahead and look forward to keeping you up to date on the issues that matter to our community.
The latest edition of the ACR newsletter is available below. Here are highlights:
Washington Roundup:
- Current State of Play
- What’s Next
Consider This: 2012 Congressional Forecast
Jan 9, 2012
The staff of the Joint Committee on Taxation has released a listing of federal tax provisions (other than those providing time-limited transition relief after the repeal of an underlying rule) that are currently scheduled to expire in 2011-2022 (with references to the applicable section of the Internal Revenue Code of 1986 or other applicable law).
Jul 1, 2010
Earlier this year, Congress passed a massive health care bill which is now law. In very short order, Congress is expected to approve a massive overhaul of the rules governing the financial services sector – known as the Wall Street Reform bill.
So you might ask why did the Senate spend nearly eight weeks and try multiple times to close off debate on a relatively modest package of tax provisions (about $12 billion a year over ten years) that aren’t new, are pretty popular, and are merely extensions of current law?
The short answer is 60 votes, concerns about deficit spending and controversy over how to pay for these tax provisions…Needless to say, House Democrats are not amused. What does this mean going forward?