Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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Senate Floor Debate and Colloquy on AMT
A Capitol Hill source passed along last night’s AMT debate on the Senate floor among Senators Baucus, Hutchinson, and Kyl, along with a colloquy between Senators Baucus and Grassley.
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New Law Toughens Medicaid Eligibility
The deficit reduction bill passed 51-50 by the Senate today (with Vice-President Dick Cheney casting the deciding) toughens the rules on the impact of asset transfers on Medicaid eligibility. Today’s Wall Street Journal catalogs these changes: [The new law] make[s] it harder for some people who do have assets to get Medicaid to pay their
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House Tax Bills: Legislative Documents
Here are the relevant documents for the three tax bills passed by the House last week: H.R. 4096, The Stealth Tax Relief Act Of 2005 House Press Release Staff Summary of Bill Statutory Language Roll Call Vote Joint Committee Revenue Estimate H.R. 4388, The Tax Revision Act Of 2005 House Press Release Staff Summary of
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House and Senate Face Tough Negotiations Over Final Tax Bill
Interesting article this morning on Bloomberg.com: House and Senate Face Tough Negotiations Over Final Tax Measure (by Ryan J. Donmoyer): Congressional Republicans will face a tough task when they try to wrap up their budget legislation for next year: how to shoehorn about $100 billion in tax breaks into a measure that can only accommodate
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House Approves Tax Cut Bill
The House today passed H.R. 4297, The Tax Relief Extension Reconciliation Act of 2005, its final package of tax cuts, by a vote of 234 – 197. The biggest piece extends the 15% rate for dividends and capital gains at a cost of $20 billion: House Ways & Means Committee Press Release Summary of H.R.
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House Passes AMT Relief Bill
From Bloomberg.com: House Passes Measure Limiting Effect of Alternative Minimum Tax: The U.S. House of Representatives passed a measure that would spare 15 million households from a $30 billion alternative minimum tax increase next year. The 414-4 vote would renew a temporary law exempting the first $58,000 of a married couple’s income from the minimum
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Congress to Slash Taxes for Songwriters
Interesting article in today’s Wall Street Journal: Music to Songwriters’ Ears: Lower Taxes; Country Artists’ Group Presses Lawmakers to Slash the Levy on Lyricists, by Brody Mullins: Country music is cool these days — and now Congress may make it more profitable for the people behind the lyrics. A bipartisan group of lawmakers, prodded by
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Rep. Cunningham Pleads Guilty to Tax Evasion, Resigns Congressional Seat
The Department of Justice announced yesterday that Congressman Randall “Duke” Cunningham (R-CA) pleaded guilty to conspiring to commit bribery, honest services fraud, and tax evasion pursuant to a plea agreement in U.S. District Court in San Diego Later yesterday morning, Cunningham resigned his congressional seat: In the tax evasion count, he admitted filing a 2004
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NY Times: Differences in House and Senate Tax Bills Reveal Deep Philosophical Divide
Interesting article in today’s New York Times: Republicans Are Deeply Split Over How to Apportion New Tax Cuts, by Edmund L. Andrews: Republicans of all stripes want to cut taxes, but rarely have they been in so much disarray about whose to cut. If House Republicans and President Bush have their way, more than half
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Senate Finance Committee Staff Releases Summary of S. 2020
The Staff of the Senate Finance Committee has released a 20-page Summary of The Tax Relief Act of 2005 (S. 2020). (For other legislative documents relating to S. 2020, see here.)
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Senate Takes Aim at Corporate Jet Perk
Last month, in Golf, Private Jets, and Executive Perks: Where Are the IRS and SEC?, we blogged the wonderful research by Wall Street Journal reporter Mark Maremon, who compared USGA golf handicap records available on the Internet (which list rounds played by golfers at particular courses and their scores) with flight records from commercial aviation
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House Releases H.R. 109-304
The House Ways & Means Committee has released H.R. 109-304, which contains the text of H.R. 4297, the Tax Relief Extension Reconciliation Act of 2005, including the text of the bill, an explanation of the bill, Congressional Budget Office estimates, and dissenting views.
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The Tax Relief Act of 2005
S. 2020, The Tax Relief Act of 2005: Statutory Language Roll Call Vote (64-33) Amendments All Congressional Action All Congressional Action with Amendments Joint Committee on Taxation, Estimated Revenue Effects of S. 2020, The "Tax Relief Act of 2005" (JCX-80-05) Joint Committee on Taxation, Description of the Chairman’s Modification to the Provisions of the "Tax
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House Holds Hearing Today on Members’ Tax Proposals
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee holds a public hearing today on Member Proposals on Tax Issues Introduced in the 109th Congress: Oral testimony at this hearing will be from Members of the House. However, any individual or organization not scheduled for an oral appearance may submit a
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Tax Relief Act of 2005
Senate Finance Committee Majority Staff’s Description of Charities Provisions of Sen. Grassley’s tax reconciliation modification: Incentives to Encourage Charitable Giving Additional Incentives for Giving to Public Charities (and addressing tax abusive activities) Anti-Abuse Rules Joint Committee on Taxation: Description of the Chairman’s Modification to the Provisions of the "Tax Relief Act Of 2005" (JCX-77-05) (11/15)
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Holtz-Eakin to Leave CBO
Douglas J. Holtz-Eakin, director of the nonpartisan Congressional Budget Office for the past three years, announced Monday that he will leave his post by the end of the year. Here is the lead of today’s new York Times story: Douglas J. Holtz-Eakin, a former White House economist who has often been a thorn in the
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Tax Relief Act of 2005 to be Considered by Senate on Friday
Description of the Chairman’s Mark of the "Tax Relief Act of 2005" (JCX-71-05) (Nov. 8, 2005) (149 pages): The Senate Committee on Finance has scheduled a markup on November 10, 2005, of the “Tax Relief Act of 2005,” which provides for reconciliation pursuant to section 202(b) of the concurrent resolution on the budget for fiscal
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Deficit Reduction Omnibus Reconciliation Act of 2005
Here are legislative documents in connection with the Deficit Reduction Omnibus Reconciliation Act of 2005, including § 6011, which would reform the Medicaid asset transfer rules: Statutory_Language Report Summary of Report Summary of Summary of Report CBO Chart Transmittal Letter
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Richmond on Interplay of §§ 121 and 1031
Gail Levin Richmond (Nova) has submitted comments to the House Ways and Means Committee on proposed technical amendments to section § 121(d)(11), also available on the Tax Analysts web site as Doc 2005-21077, 2005 TNT 201-26. The comments follow up on her article, Section 121(d)(10): An Article Addressing An Article, 106 Tax Notes 797 (Feb.
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Sens. Grassley & Baucus to Introduce Legislation Clarifying Deductibility of Civil Settlement Payments
Following up on yesterday’s post on the GAO report on the deductibility of civil settlements: Senate Finance Committee Chair Sen. Grassley and Ranking Member Baucus announced that they will introduce legislation to clarify the deductibility of these settlement payments: Senator Chuck Grassley, chairman of the Senate Finance Committee, and Senator Max Baucus, ranking member, questioned
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Bill Would Forgive Loans to Students Impacted by Katrina, Rita
The Chronicle of Higher Education reports that students who took out loans this fall to attend colleges that have been closed temporarily by Hurricanes Katrina and Rita would not have to repay them, under a bill (H.R. 3975) introduced on Thursday by Republican lawmakers on the U.S. House of Representatives education committee. As currently written,
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Senate Holds Hearing Today on Using Tax Policy to Rebuild the Gulf Coast
The Senate Finance Committee holds a hearing today on The Future of the Gulf Coast: Using Tax Policy to Help Rebuild Businesses and Communities and Support Families after Disasters. Scheduled witnesses include: John W. Snow (Secretary, U.S. Treasury Department) Jack Kemp (Founder and Chairman, Kemp Partners, Washington, D.C.) Tate Reeves (State Treasurer, Mississippi) Dianne Bolen
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House Holds Hearing Today on H.R. 1956, The Business Activity Tax Simplification Act of 2005
The Subcommittee on Commercial and Administrative Law of the House Judiciary Committee holds a hearing today on H.R. 1956, The Business Activity Tax Simplification Act of 2005: H.R. 1956 would create a bright-line physical presence nexus requirement in order for states to collect net income taxes or other business activity taxes (“BATs”) on multistate enterprises.
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Hurricane Katrina Tax Resources
Here is an expanded list of Hurricane Katrina tax resources: Congress: Joint Committee on Taxation, Technical Explanation of the House Resolution of Concurrence with an Amendment to the Senate Amendment to H.R. 3768, The "Katrina Emergency Tax Relief Act Of 2005" (JCX-69-05) (9/21) Joint Committee on Taxation, Estimated Revenue Effects of the House Resolution of
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Senate Holds Hearing Today on How Charities Meet the Needs of America’s Communities
The Subcommittee on Social Security and Family Policy of the Senate Finance Committee holds a hearing today on Charities on the Frontline: How the Nonprofit Sector Meets the Needs of America’s Communities. Scheduled witnesses include: Luke Hingson, President, Brother’s Brother Foundation Major George Hood, Director of National Community Relations and Development, The Salvation Army Bob