Tax Analysts Give Thumbs Up to Bush Plan

The Joint Committee on Taxation, a non-partisan group that provides all the estimates of the cost of tax legislation on Capital Hill, has given thumbs up to Bush and thumbs down to Gore with regard to tax legislation the two candidates are proposing in their campaign speeches.

According to documents released on Friday, the Joint Committee on Taxation, claims that George W. Bush’s tax proposals for a 10-year reduction in income tax have been detailed to the point that they are completely estimatable.

Al Gore’s tax proposals, which the Gore camp has estimated at costing $500 billion over a 10-year period, are too vague for the experts to calculate an estimated cost. Gore’s plan calls for health insurance tax credits, a cut in the estate tax, and education tax breaks. The Committee reports that the Gore plan requires “additional specification” before the experts can attempt to guess at what the plan would actually cost.

You may like these other stories...

Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes, and others kinds of casualties? But the law imposes several restrictions.Relief...
Inversions: Loophole Is the ProblemJacob J. Lew, the U.S. Treasury Secretary, published an opinion piece in the Wall Street Journal that "the system has become full of inefficiencies and special-interest loopholes. That...
School tax breaks get House support as Democrats objectRichard Rubin of Bloomberg reported that the House of Representatives on Thursday voted to expand and simplify tax breaks for education as Republicans continue to pass...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.