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...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.