Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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Congress Sends Military Tax Bill to President Bush
The House today sent the Heroes Earnings Assistance and Relief Tax Act of 2008 (H.R. 6081) to President Bush, who has stated that he will sign the bill. It was unanimously approved by both the House and the Senate. Bill House Press Release Senate Press Release House Staff Summary Senate Staff Summary Joint Committee on
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Witness Testimony from House Hearing on The Housing Crisis: Identifying Tax Incentives to Stimulate the Economy
Witness testimony from yesterday’s House Small Business Committee hearing on The Housing Crisis: Identifying Tax Incentives to Stimulate the Economy: Dale Leppo (Chairman, Leppo Rents/Bobcat of Akron, Tallmadge, OH), on behalf of the Associated Equipment Distributors John Puffer (Chairman & President, Pilot Bank, Tampa, FL), on behalf of the Independent Community Bankers of America Joe
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Senate Holds Hearing Today on Business Tax Reform
The Senate Finance Committee holds a hearing today on C, K, or S: Exploring the Alphabet Soup of Small Business Choices in Advance of Tax Reform. Here are the witnesses scheduled to testify: Douglas A. Shackelford (Meade H. Willis Distinguished Professor of Taxation and Accounting, UNC Kenan-Flagler Business School) Eric J. Toder (Senior Fellow, Urban
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Joint Tax Committee Unveils New Web Address
Earlier this year, the Joint Committee on Taxation unveiled its redisnged website. The committee announced today that it has changed its web address to the simpler www.jct.gov (from the bulkier www.house.gov/jct). Update your favorites and bookmarks accordingly.
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Yesterday’s Congressional Tax Action
The Senate joined the House in unanimously approving The Heroes Earnings Assistance and Relief Tax Act of 2008 (H.R. 6081): Bill House Press Release Senate Press Release House Staff Summary Senate Staff Summary Joint Committee on Taxation Summary Joint Committee on Taxation Revenue Estimate The Senate (82-13) joined the House (316-108) in overriding President Bush’s
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House Unanimously Passes Military Tax Bill With Revenue Raisers
The House today approved The Heroes Earnings Assistance and Relief Tax Act of 2008 (H.R. 6081) by a 403-0 vote. Bill Press Release Staff Summary Joint Committee on Taxation Summary Joint Committ on Taxation Revenue Estimate
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Ways & Means Committee Approves Energy and Tax Extenders Act
The House Ways & Means Committee voted 25-12 today to approve The Energy and Tax Extenders Act of 2008 (H.R. 6049) and send the bill to the House floor. Press Release Legislative Documents Associated Press
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House to Mark Up Energy and Tax Extenders Act
The House Ways & Means Committee will mark up The Energy and Tax Extenders Act of 2008 today: Press Release Summary of Bill Legislative Text Joint Committee on Taxation Explanation Joint Committee on Taxation Revenue Estimate Update: Updated Joint Committee on Taxation Explanation Updated Joint Committee on Taxation Revenue Estimate
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Senate Holds Hearing Today on Tax Reform for Individuals
The Senate Finance Committee holds a hearing today on Cracking the Code–Tax Reform for Individuals. From the hearing announcement: The hearing will examine how social policy is implemented through the Code — for instance, with efforts to lift low-income, working families out of poverty through the earned income tax credit. The hearing will identify those
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Joint Committee on Taxation: A Reconsideration of Tax Expenditure Analysis
Following up on last week’s post: the Joint Committee on Taxation today released A Reconsideration of Tax Expenditure Analysis (JCX-37-08). Here is the summary: This document … reconsiders the utility of the JCT Staff’s current implementation of tax expenditure analysis. Tax expenditure analysis can and should serve as an effective and neutral analytical tool for
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House Passes Housing Tax Bill
The House yesterday approved The Housing Assistance Tax Act (H.R. 5720), as an amendment to the American Housing Rescue and Foreclosure Prevention Act (H.R. 3221), .by a 322-94 vote, setting up a conflict with the Senate (which passed an earlier version which also contained energy tax incentives) and the White House (which objects to both
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CBO: Sources of the Growth and Decline in Individual Income Tax Revenues Since 1994
The Congressional Budget Office has published Sources of the Growth and Decline in Individual Income Tax Revenues Since 1994: Federal individual income tax revenues have risen and fallen by significant amounts since 1994. Although income tax revenues generally rise and fall with the economy, what is exceptional about the period since 1994 is the dramatic
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Joint Tax Committee to Rethink Tax Expenditure Analysis
Edward Kleinbard, Chief of Staff of the Joint Committee on Taxation, announced yesterday at the Chicago-Kent College of Law Federal Tax Institute that, in response to criticism, the Joint Tax Committee will be Rethinking Tax Expenditures: In the forty years since Surrey introduced the term to U.S. tax policy discourse, policymakers have relied on tax
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House Holds Hearing Today on Education Tax Incentives
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee holds a hearing today on Education Tax Incentives. From the hearing announcement: The hearing will focus on various tax benefits currently provided for postsecondary education. The Internal Revenue Code currently provides several tax benefits designed to encourage the pursuit of, and assist
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Senate Holds Hearing Today on Tax Aspects of a Cap-and-Trade System
The Senate Finance Committee holds a hearing today on Tax Aspects of a Cap-and-Trade System. Here are the witnesses scheduled to testify: Peter R. Orszag (Director, Congressional Budget Office) Robert Greenstein (Executive Director, Center on Budget and Policy Priorities) Henry Derwent CB (President and CEO, International Emissions Trading Association) The hearing takes place at 10:00
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IRS Launches Political Activity Compliance Initiative for 2008 Election
The IRS has announced (IR-2008-61) that its Political Activities Compliance Initiative (PACI) once again will be in effect for the 2008 election season. The PACI program seeks to educate § 501(c)(3) organizations such as charities and churches about the federal law concerning political campaign activity and to enforce the law in this area. By law,
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Senate Finance Committee Unveils Tax Bill with AMT Relief, Tax Extenders
Senate Finance Committee Chair Max Baucus and Ranking Member Chuck Grassley yesterday unveiled tax legislation to provide AMT relief and extend dozens of expiring tax incentives. An eight-page summary is here.
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Senate Holds Hearing Today on Tax Nominations
The Senate Finance Committee holds a hearing today on the nominations of: Richard T. Morrison (of Virginia), to be a Judge of the U.S. Tax Court David D. Gustafson (of Virginia), to be a Judge of the U.S. Tax Court Elizabeth Crewson Paris (of Washington, D.C.), to be a Judge of the U.S. Tax Court
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IRS Disciplined 2.3% of its 100,000 Employees in 2007
Senate Finance Committee Ranking Member Charles Grassley yesterday issued a press release "urging detractors of the private debt collection program to consider facts, including disciplinary action against IRS employees and the IRS’ own poor track record of collecting the $345 billion of owed taxes known as the tax gap": The IRS took 2,366 disciplinary actions
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Senate Announces Three Hearings to Set Stage for Tax Reform in 2009
Senate Finance Committee Chair Max Baucus announced yesterday that the commitee will hold three additional hearings "to prepare for a comprehensive overhaul of the tax code in 2009" with the goal of producing "a set of principles to guide the work of the Committee – and a new presidential administration – on tax reform next
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House Passes Taxpayer Assistance and Simplification Act
The House of Representatives yesterday voted 238-179 to approve H.R. 5719, The Taxpayer Assistance and Simplification Act of 2008. Among other provisions, the bill repeals the IRS Private Debt Collector program. House Press Release House Report — Part One House Report — Part Two Other Legislative Documents President Bush has threatened to veto the bill.
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John Gimigliano, Senior Tax Counsel on House Ways & Means Committee, to Join KPMG
John P. Gimigliano, Senior Tax Counsel on the House Ways & Means Committee, has accepted a position as Principal-In-Charge, Americas Climate Solutions and Energy Sustainability Tax Practice, at KPMG in Washington, D.C.
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Senate Holds Hearing Today on Fundamentals in Advance of Tax Reform
The Senate Finance Committee holds a hearing today on Tax: Fundamentals in Advance of Reform. Here are the witnesses scheduled to testify: Daniel N. Shaviro (Wayne Perry Professor of Taxation, NYU) Michael Graetz (Justus S. Hotchkiss Professor of Law, Yale) Jason Furman (Director, The Hamilton Project, Brookings Institution) Robert Carroll (Vice President for Economic Policy,
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Joint Economic Committee Releases Two Tax Reports
The Joint Economic Committee yesterday released two tax reports: Press release: U.S. Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC), released a state-by-state analysis revealing that free e-filing would save taxpayers and the federal government billions of dollars and reduces tax return errors dramatically. Online tax filing is clearly the easiest, cheapest,
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Salaries, Travel Expenses, and Financial Disclosure Forms for Tax Legislative Staff
Salaries, Travel Expenses, and Financial Disclosure Forms are now available for high-ranking congressional staff, including the tax staffs of the House Ways & Means Committee, Senate Finance Committee, and Joint Committee on Taxation. My friend and colleague Tim Armstrong blogs about the conflicting demands of transparency and privacy in the disclosure of this sensitive financial