By a 258-to-160 vote, the Republican-controlled House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses. Thirty-four Democrats voted for the legislation; two GOP lawmakers voted against it.
A proposed fiscal year 2015 budget released by President Obama yesterday would provide the IRS with $12 billion in base funding, up 6.3 percent over the 2014 enacted level. The budget would also allot $165 million to improve IRS customer service.
UDPATE: President Obama has signed the student loan rates bill into law. The bill that will lower interest rates on federal subsidized Stafford student loans was approved by the House of Representatives on July 31.
President Obama on August 1 nominated John Koskinen as the next commissioner of the embattled IRS. The president tapped the retired Koskinen because of his ability to lead an organization out of a crisis.
G8 leaders, who met in Northern Ireland, developed a ten-point plan, the Lough Erne Declaration, which calls for more information sharing between tax authorities and improved transparency to prevent tax avoidance.
The current controller of the US Office of Management and Budget has been appointed by President Obama as the new acting commissioner of the IRS, effective May 22. Daniel Werfel will take over the position vacated by Steven Miller, who resigned on May 15.
Attorney General Eric Holder is scheduled to testify before the House Judiciary Committee, one day after he announced the Justice Department has opened a criminal investigation of the IRS for improperly scrutinizing the tax-exempt status of groups with conservative titles, such as "tea party" or "patriot," in their applications.
Just before the April 15 due date, the White House released the 2012 federal income tax returns for President Obama and Vice President Biden. Both the POTUS and the Veep filed joint returns with their respective spouses. Overall, there were just a few mild surprises.
In a tough economy, it's not likely that any fiscal changes will be met with cheers, and the $3.78 trillion budget proposed by President Obama on April 10 was no exception. His plan seeks to trim the deficit by $1.8 trillion over the next decade, leaning heavily on high-income earners to fill the gaps.
The new budget plan that President Obama will unveil on April 10 includes an unprecedented tax whammy for retirement savers: A new $3 million cap on IRA assets and other tax-preferred retirement accounts.
President Barack Obama is surrounded by advisers, official and unofficial. Everyone has an opinion. But it's doubtful he expected to be getting tax policy advice from "Mean Girl" actress, twenty-three-year-old Lindsay Lohan.
Republican nominee Mitt Romney delivered the acceptance speech expected of him at last week's Republican National Convention, repeatedly hammering President Obama on what many consider to be his weakest flank: jobs and economic growth.