112th Congress
BNA
Key Development: Proposes 28 percent limit on charitable deductions for the wealthiest Americans.
Potential Impact: Maintains the status quo on deductions rather than providing a special rule for charities.
Next Steps: Obama’s budget faces tough scrutiny as Congress forges a compromise plan for FY 2013.
President’s Obama’s fiscal year 2013 budget proposed a 28 percent limitation on itemized deductions for the wealthiest Americans—including the charitable deduction.
Charities had hoped the budget, released Feb. 13, would continue to single out the charitable deduction as the only deduction not to be capped at 28 percent (17 DTR G-4, 1/27/12).
Instead, the budget would reduce the value of itemized deductions and other tax preferences to 28 percent for families with incomes of more than $250,000, and individuals making more than $200,000.
Continue reading...
Consider This…
So we wonder, what do people think when they hear the President talking about the Buffett Rule?
Well of course all of you astute readers know that the Buffett Rule is all about billionaire Warren Buffett’s tax rate and not about a salad bar that goes on for miles. President Obama’s basic premise behind the Buffett Rule is this: millionaires and billionaires should not have a lower tax rate than their secretaries, the police officer that protects them or the teacher that educates their children.
Some wonder how that that scenario could be possible. It’s possible because…
Continue reading...
The latest edition of the ACR newsletter is available below. Here are highlights:
Upcoming Event Summit for Leaders
Washington Roundup:
- Tax Proposals
- Payroll Tax Cut Extension
- Senator Grassley’s Commission
Consider This:Buffett or Buffets – Our take on the new tax restrictions
Continue reading...
Consider This…
Ok, we admit it. We’re geeks. Policy geeks. Tax policy geeks if the truth be told.
Normally when we tell someone our specialty is tax, we get an eye roll, or worse. Unless we are with our tax policy peers, we often feel like the skunk at the garden party.
So imagine our sense of wonder over all of the activity in tax world in the last few months. First, Herman Cain gave us 9-9-9, next…
Continue reading...
The latest edition of the ACR newsletter is available below. Here are highlights:
Upcoming Event Summit for Leaders
Washington Roundup:
- State of the Union
- Legislative Activity
Consider This:Tax Policy Geeks Take Center Stage—Tax Plans and Reform
Continue reading...
Further Reading
Bloomberg BNA
This morning BNA reported that the Administration may be stepping back from previous proposals to cap charitable deductions at 28 percent.
Here’s an excerpt from the article:
“The past three budgets the president has submitted have included a limit to the charitable deduction in every single one of them, through limiting itemized deductions,” said Sandra Swirski, director of Alliance for Charitable Reform. “He’s also raised limiting the charitable deduction as a pay-for in at least two of his bills, one on health care, the other a jobs bill. So it keeps coming up.”
However, Swirski said she is now “cautiously optimistic” that when the president’s budget is revealed Feb. 13, Obama’s “stepping away” from the proposal will be clear….
Read the full article here
Continue reading...
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?
Continue reading...
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
Continue reading...
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).
Continue reading...
Consider This…
The late Congressman Mo Udall (D-AZ) once quipped, “Everything has been said but not everyone has said it.” In the case of the Super Committee, we believe that while much has been said, not everything has been said.
Continue reading...
