Taxes
Consider This…
Back in February of 2010, the Washington area experienced what came to be known as “Snowmageddon.” In our suburban Maryland backyard, we measured a full 37 inches of snow!
But hang on to your hats. The events leading up to the end of this year could put “Snowmageddon” to shame. We are talking about “Taxmageddon.” That is the term Congressional staffers have devised to describe what we may be facing on the tax front come January 1, 2013.
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The latest edition of the ACR newsletter is available below. Here are highlights:
Upcoming Event Summit for Leaders
Washington Roundup:
- President’s Budget
- Payroll Tax Cut Extension
- Tax Reform
Consider This:Are Ready for “Taxmageddon”?
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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…
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The latest edition of the ACR newsletter is available below. Here are highlights:
Washington Roundup:
- Payroll Tax
- Funding the Government
Consider This:Something You Haven’t Heard About the Super Committee
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Consider this…
Both the House and Senate have passed an $858 billion two-year extension of the Bush tax cuts and that measure is headed to the President’s desk for signature.
So what comes next on taxes? Let’s read the tea leaves, shall we?
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Consider this…
Remember that annoying song from the show Lamb Chops Play Along called “The Song that Never Ends”?
“This is the song that never ends,
Yes, it goes on and on my friends…”
Well, this Congress is starting to feel a lot like that song…With less than two weeks to go before the election, we take this opportunity to opine on what we think might happen in a lame duck and beyond.
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ACR recaps highlights from the President’s State of the Union Address
Following is a broad summary of the proposals offered by the President (select ‘Continue reading’).
The important take-away from his speech is that the Administration has made a hard pivot away from health care reform, which wasn’t mentioned until half an hour into the speech, toward job creation in a clear effort to win back some of the political favor lost over the last few months. This new focus, combined with his plan to freeze government spending, will no doubt send Congress searching for additional revenue raisers – potentially including higher marginal tax rates for those singles earning more than $200,000 and couples earning more than $250,000.
ACR will be carefully monitoring both the President’s FY 2011 Budget and Congress’ work on the budget for any potential issues relating to the nonprofit sector. As always, we will continue to keep you updated on the latest.
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Quick, bi-partisan legislation allows donations to Haiti relief to be claimed on 2009 taxes returns
Reacting quickly to the Haiti Relief effort, the House and Senate have passed legislation, HR 4462, meant to encourage donations for Haiti earthquake relief efforts. This legislation allows individuals to claim on their 2009 tax returns, a donation made in 2010 for Haiti earthquake relief. The President signed the bill into law on Friday, January 22nd.
Potentially in addition to HR 4462, Senators Charles Schumer (D-NY) and Kirsten Gillibrand (D-NY), have stated their interest in introducing legislation that would temporarily eliminate the 50% deductibility limit for individuals donating to earthquake relief, similar to legislation passed after Hurricane Katrina to encourage additional donations. Currently individuals are allowed to deduct up to 50% of their adjusted gross income in one year. This legislation would also extend the enhanced deduction for charitable food inventory contributions through 2010, which allows companies to deduct the market value of their donation, as opposed to just the cost to produce the food.
Illustration of the current tax burden by income tax unit.
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