The Senate Finance Committee holds a public hearing today on Encouraging Savings and Investment: Stay the Course or Change Direction?.  Here are the witnesses scheduled to appear:

• G. Scott Harding (President & CEO, F.B. Harding, Inc.)
• Robert A. Weinberger (Vice President, Government Relations, H&R Block)
• David Malpass (Chief Economist, Bear Stearns)
• Eric Toder (Senior Fellow, The Urban Institute)
• Stephen J. Entin (President & Executive Director, Institute for Research on the Economics of Taxation)
• Brian Graff (Executive Director & CEO, American Society of Pension Professionals & Actuaries)

The hearing will be held beginning at 2:00 pm in 215 Dirksen Senate Office Building.

In connection with the hearing, the Joint Committee on Taxation has issued Present Law And Background Information On Certain Expiring Tax Provisions (JCX-50-05) (25 pages):

The Taxation and IRS Oversight Subcommittee of the Senate Committee on Finance has scheduled a hearing for June 30, 2005, on certain expiring tax provisions. Specifically, the hearing will address the following provisions of present law.

• The 15%/5% (0% after 2007) tax rate structure applicable to income from capital gains (§ 1(h)). Under present law, for taxable years after 2008, the maximum rate of tax on adjusted net capital gain of an individual is 20%

• The 15%/5% (0% after 2007) tax rate structure applicable to qualified dividend income (§ 1(h)). Under present law, for taxable years beginning after 2008, dividends received by an individual are taxed as ordinary income at rates up to 35%.

• The expensing of up to $100,000 of depreciable tangible personal property purchased by qualified taxpayers for use in a trade or business (§ 179). Under present law, for taxable years beginning after 2007, a qualifying taxpayer may deduct up to $25,000 of the cost of qualifying property placed in service for the taxable year.

• The above-the-line deduction for higher education expenses (§ 222). Under present law, no deduction is permitted for expenses incurred after 2005.

• The credit for elective deferrals and IRA contributions (§ 25B). Under present law, for taxable years beginning after 2006, no credit may be claimed for elective deferrals or IRA contributions.

This document, prepared by the staff of the Joint Committee on Taxation, provides a description of present law and presents background data on the utilization of these provisions of the Code. In addition, this document briefly discusses considerations important to estimating the revenue effects of any proposed extension of these expiring provisions. To make the discussion of the estimation of the revenue effects more concrete, the staff of the Joint Committee on Taxation considers two sets of proposals. The first set of proposals would extend present law for each provision through calendar year 2010. The second set of proposals would extend present law for each provision permanently.