Tax Cut Implications from Capitol Hill

The fight is on (again) in Washington, D.C. as Republicans rally to invoke a 10-year, $182 billion tax cut.

Among the issues addressed is the often-discussed Internet tax, a tax on goods and services sold over the 'Net. Ever since last year when Treasury Secretary Lawrence Summers became vocal about not implementing such a tax, tongues have wagged far and wide, both in defense and in favor of the tax.

In favor, of course, are the "brick & mortar" stores who are discovering the power of e-Commerce.

Summers was vocal again recently when he suggested that the Clinton administration believes it would be better to adopt more modest tax breaks included in the budget, but how does this affect the economy?

GOP tax cuts, Summers says, would increase consumer spending while the economy is at a high; that's the time when the Federal Reserve begins noticing spending and could implement hikes in interest rates to curb inflation.

You may like these other stories...

By Jason Bramwell, Staff Writer CPAs in New Jersey, New York, and Pennsylvania believe economic conditions in the United States will likely be the same one year from now, and while they predict higher business revenues...
By Jason Bramwell Managers in accounting, finance, and IT are cautiously optimistic about their hiring plans for the fourth quarter of 2013, according to a new hiring outlook survey from staffing firm Brilliant. ...
By Jason Bramwell CPA firms in 2012 posted their first respectable increases in revenues since before the start of the recession; however, professional staff turnover last year rose approximately 50 percent across the...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.