Latest News in Washington: Congress Ponders Tax Changes | AccountingWEB

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.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.