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.
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Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.