Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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House to Vote Today on Tax Extenders
Following up on prior posts (here and here) on H.R. 4213, The Tax Extenders Act of 2009: Office of Management and Budget, Statement of Administration Policy Joint Committee on Taxation, Technical Explanation (JCX-60-09) Joint Committee on Taxation, Estimated Revenue Effects (JCX-59-09) Americans for Tax Reform, Letter in Opposition to H.R. 4213 Ten organizations, Letter in Support of H.R.
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Senate Finance Committee & GAO on R&D Tax Credit
GAO, The Research Tax Credit’s Design and Administration Can Be Improved (GAO-10-136) Senate Finance Committee press release, Baucus, Grassley, Hatch Revisit Research and Development Tax Credit Senate Finance Committee press release, Finance Senators Propose Improvements to Research and Development Tax Credit Senate Bill, The ‘‘Grow Research Opportunities With Taxcredits’ Help Act’’ (‘‘GROWTH Act’) Reuters, R&D Tax
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Sen. Schumer’s Bill Provides Tax Incentives to Kill Bambi
Sen. Chuck Schumer (D-NY) has introduced S. 2794, which provides tax incentives for the charitable donation of wild game meat: Sen Schumer press release Albany Times Union, Chuck Schumer Courts Hunters (Since Deer Can’t Vote) Future of Capitalism, Senator Schumer Shoots for Bambi Newsday, Schumer Proposes Tax Break for Deer Donors
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Democrats Propose .25% Stock Transaction Tax to Raise $150b/Year
Democrats in the House and Senate yesterday proposed a transaction tax to raise $150 billion per year to help close the federal budget deficit and fund infrastructure projects. H.R. 4191, the Let Wall Street Pay for the Restoration of Main Street Act, would impose a 0.25% tax on stock transactions and a 0.02% tax on futures contracts,
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Rangel Identifies $30b of Tax Increases to Pay for 45 Tax Extenders
House Ways & Means Committee Chair Charles Rangel (D-NY) yesterday announced that Tax Extenders Act of 2009 (blogged here) would include two revenue-raising provisions to pay the $30 billion cost of extending 45 tax provisions that are scheduled to expire at the end of 2009: H.R. 1935, a tax on carried interests H.R. 3933, tightening the rules on
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House Approves Permanent Estate Tax Fix, 225-200
The House voted 225-200 today to approve H.R. 4154, the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009, which permanently extends the estate tax with a $3.5 million exemption ($7 million for married couples) and 45% top rate. The 225 votes in favor of the bill all came from Democrats; 26 Democrats
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Tax Technical Corrections Act of 2009
House Ways & Means Committee Chair Charles B. Rangel (D-NY) and Ranking Member Dave Camp (R-MI) today introduced H.R. 4169, the Tax Technical Corrections Act of 2009. The Joint Committee on Taxation has released its description of the 25 technical corrections to five pieces of legislation: The 2009 economic stimulus law (Pub. L. No. 111-5) The
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GOP Introduces Geithner Penalty Waiver Act
Congressmen John Carter (R-TX) and Lynn Westmoreland (R-GA) yesterday introduced the Geithner Penalty Waiver Act, requiring that the IRS assess the same penalty against U.S. taxpayers that came forward in the UBS tax fraud investigation as paid by Treasury Secretary Timothy Geithner for failing to pay taxes on his IMF income — zero. From Congressman Carter's
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Lawmakers Seek IRS Approval of Casualty Loss Deduction for Chinese Drywall
Following up on my prior post, IRS: Defective Chinese Drywall May Qualify for Casualty Loss Deduction: Sens. Bill Nelson (D-Fla.), David Vitter (R-La.), Mark Warner (D-Va.), Jim Webb (D-Va.), and Rep. Glenn Nye (D-Va.) sent a letter to IRS Commissioner Douglas Shulman last week arguing that individuals and businesses should be able to take a casualty loss deduction
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House to Vote Wednesday on Permanent Estate Tax Fix ($3.5m Exemption, 45% Top Rate)
Wall Street Journal, ·US House to Vote on Permanent Estate Tax Bill Next Week, by Martin Vaughan: The U.S. House of Representatives next week will vote on legislation to extend current estate tax rates permanently, but when and what action the Senate might take on the bill remains unclear. The House will vote next week,
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Democrats Propose Afghanistan War Tax — “Pay As You Fight”
Commentary on H.R. 4130, The Share the Sacrifice Act: Don't Mess With Taxes, "Pay as You Fight" War Surtax Introduced The Hill, GOP Lawmaker Would "Consider" War Tax as Last Resort NPR, A War Tax on the Rich? Politico, War Surtax: "Pay as You Fight" San Francisco Chronicle, Obey Wants War Surtax Time, Obey's War
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House to Extend 40 Expiring Tax Provisions Through 2010
The House Ways & Means Committee on Friday released a 7-page summary of the Tax Extenders Act of 2009: The Tax Extenders Act of 2009 would provide individuals and businesses with approximately $30 billion in tax relief in 2009 by extending for one year (through 2010) more than forty provisions that are scheduled to expire
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More on Brainard Nomination
Following up on last week's post on the Senate Finance Committee's considerations of the nomination of Lael Brainard to be Undersecretary of the Treasury for International Affairs: Wall Street Journal, Another Nominee’s Tax Troubles Irk Sen. Grassley: Sen. Charles Grassley expressed exasperation over another Obama nominee’s tax problems. “We do not need anyone so badly in
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Senate Finance Committee Meets Today on Brainard and Mundaca Nominations
Following up on Wednesday's post, Senate to Move Forward on Lael Brainard's Nomination Despite Tax Problems: the Senate Finance Committee meets today to vote on her nomination to be Undersecretary of the Treasury for International Affairs. Following up on Tuesday's post, Mundaca Responds to Senate Finance Committee Questions: the Senate Finance Committee meets today to vote
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17 Tax Increases in Senate Health Care Bill = $370.2 Billion
The Joint Committee on Taxation has published a list of the 17 tax increases in the Senate health care bill, which are estimated to raise $370.2 billion in revenues over ten years: 40% excise tax on health coverage in excess of $8,500/$23,000 ($149.1 billion) Employer W-2 reporting of value of health (negligible revenue effect) Conform definition
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Senate to Move Forward on Lael Brainard’s Nomination Despite Tax Problems
I previously blogged the tax problems of Lael Brainard, President Obama's nominee to be Undersecretary of the Treasury for International Affairs. The tax problems are (1) twelve late payments of real estate and personal property taxes, and late payment of unemployment taxes; (2) failure to timely file employment eligibility verification forms for her household help; and (3) failure
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House & Senate Seek to Avoid 2010 Estate Tax Repeal
Democratic leaders on the House Ways & Means Committee today announced that they would seek to pass by December 31 a one-year extension of the current estate tax ($3.5 million exemption and 45% top rate) for 2010, to avoid the scheduled repeal of estate tax in 2010. Yesterday, Senators Thomas R. Carper (D-DE) and George V.
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Mundaca Responds to Senate Finance Committee Questions
Following up on my prior post, Senate Holds Hearing Today on Michael Mundaca’s Nomination to be Assistant Secretary for Tax Policy: Michael Mundaca has submitted this 41-page document responding to questions from the Senate Finance Committee.
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Tax Provisions of H.R. 3962, The Affordable Health Care for America Act
Joint Committee on Taxation, Technical Explanation of Manager's Amendment (JCX-52-09) Joint Committee on Taxation, Technical Explanation (JCX-47-09) Joint Committee on Taxation, Estimated Revenue Effects of Manager's Amendment (JCX-53-09) Joint Committee on Taxation, Estimated Revenue Effects (JCX-48-09) House Ways & Means Committee, Summary House Ways & Means Committee, Paying for Reform House Ways & Means Committee, Health
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Senate Holds Hearing Today on Tax Treaties
The Senate Committee on Foreign Relations holds a hearing today to consider tax treaties with France, Malta, and New Zealand, Update: Here links to the testimony of the witnesses at the hearing: Kerri-Ann Jones (Assistant Secretary, State Department) Manal Corwin (International Tax Counsel, Treasury Department) Thomas A. Barthold (Chief of Staff, Joint Committee on Taxation) Wesley Scholz (Director,
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President Obama Signs Worker, Homeownership, and Business Act
President Obama yesterday signed into law H.R. 3548, the Worker, Homeownership, and Business Act of 2009, with seven major tax provision: Extension and Modification of First-Time Homebuyer Credit (§ 36) Five-Year Carryback of NOLs (§ 172) Exclusion from Income of Qualified Military Base Realignment and Closure (§ 132) Delay in Application of Worldwide Allocation of Interest (§ 864) Modification of Penalty for Failure to
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House Holds Hearing Today on Foreign Bank Account Reporting and Tax Compliance
The Select Revenue Measures Subcommittee of the House Ways & Means Committee holds a hearing today on Foreign Bank Account Reporting and Tax Compliance. From the hearing announcement: The hearing will focus on non-compliance by U.S. taxpayers with foreign bank accounts, rules regarding foreign trusts with U.S. beneficiaries, and certain U.S. dividend equivalent payments to foreign persons
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Senate Holds Hearing Today on Michael Mundaca’s Nomination to be Assistant Secretary for Tax Policy
The Senate Finance Committee holds a hearing today on Michael F. Mundaca's nomination to be Assistant Secretary of the Treasury for Tax Policy. For prior TaxProf Blog coverage, see here. Update: Opening Statement of Michael F. Mundaca.
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Senate Close to Deal on Extending Homebuyer Tax Credit
Bloomberg, Senate Close to Deal Replacing Homebuyer Tax Credit Center on Budget & Policy Priorities, Proposed Expansions of Homebuyer Tax Credit Would Be Highly Inefficient and Squander Federal Resources Reuters, Senate Dems Reach Deal on Homebuyer Credit Wall Street Journal, Senate Haggles Over Home-Buyer Tax credit Extension Washington Post, The Home-Buyer Tax Credit: Throwing Good