Marriage Tax Cut On to Next Step | AccountingWEB

Marriage Tax Cut On to Next Step

A joint House/Senate conference committee will proceed with ironing out the differences between the two versions of the marriage tax cut bill that passed in the House and Senate. The differences are small and a finalized version of the bill is expected to emerge from the committee before the end of the week.

The fate of the bill, however, is almost guaranteed – Clinton has promised to veto the bill unless language is added that would augment the current Medicare program with a prescription drug program.

What do prescription drugs for Medicare recipients have to do with the marriage penalty? Clinton has stated that the high visibility of the marriage tax bill makes it an excellent vehicle for launching his pet prescription plan. The House and Senate have held firm in their determination to keep the tax bill pristine. The result will be certain veto from the President.

The other major tax legislation, the repeal of the federal estate tax, is being intentionally delayed in its path to the White House, with legislators hoping either Clinton will decide to sign this repeal into law or that Congress will garner enough support for an override of the veto. Neither of these scenarios seems likely at this time.

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

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.