Latest News in Washington: Congress Ponders Tax Changes

Before the year is out, taxpayers can rest assured that changes to the tax scenario once again will occur .. but when the changes actually will happen is unknown at this time.

Nevertheless, the latest and greatest news from the Washington tax arena is that the 106th Congress, again, will consider, among others, changes in individual taxation, the marriage-penalty tax, capital gains and estate taxation once President Clinton vetoes the $792 billion 10-year tax cut Congress previously approved.

Among other provisions, many taxpayers may lose the child and education credits due to the alternative minimum tax, but one factor overshadowing this effort is the fact that the temporary solution enacted by Congress last year has now expired.

Final changes in the 1999 tax bill also hinge on the next presidential campaign, since it is reported that Congress does not want the AMT to hinder the tax credit or influence voters.

You may like these other stories...

By Jason Bramwell Government leaders of eight of the world's largest economies pledged on June 18 to take a tougher stance on fighting tax evasion. The Group of Eight (G8) leaders, who met in Northern Ireland,...
By Jason BramwellAttorney General Eric Holder is scheduled to testify on May 15 before the House Judiciary Committee, one day after he announced the Justice Department has opened a criminal investigation of the IRS for...
By Jason BramwellPresident Barack Obama says he will not tolerate political bias at the IRS and promised to get to the bottom of the agency's admitted targeting of conservative groups, according to a May 13 article in...

Upcoming CPE Webinars

Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.