Tag: ‘estate tax’

A Little March Madness on the Hill

By :: March 27th, 2015

The “doc fix” passes the House. The House overwhelmingly approved the Medicare “doc fix” to replace automatic payment cuts (that Congress has delayed every year since 2003) with a temporary 0.5 percent annual hike in physician reimbursements. But the bipartisan deal, which CBO figures would add $141 billion to the deficit over 10 years, is […]

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Trying to Square the House’s Tax Cuts and Its No-Tax-Cut Budget

By :: March 19th, 2015

DOA budgets are hardly new. But House tax writers seem to be ignoring their own party’s fiscal plan. The House Budget Committee’s fiscal framework would not change expected revenues over the next 10 years.  While it recommends enormous (though unspecified) spending cuts in an attempt to eliminate the deficit over the next decade, tax revenues […]

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Budget Plans and Fun with Tax Forms

By :: March 19th, 2015

The Senate GOP budget is out. It would cut spending by $5.1 trillion and reach balance in 10 years, according to its dynamic score. Like the House budget released Tuesday, it would repeal the Affordable Care Act, but unlike the House plan, it includes  reconciliation instructions that could give Congress a way to manage the […]

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Spending Cuts, Surpluses and Sales Opportunities

By :: March 18th, 2015

The House GOP Budget: No tax reform details. The House Budget Committee unveiled a budget with $5.5 trillion in spending cuts that promises balance by 2024. Committee Chairman Tom Price is confident the budget will pass the House this week. However, TPC’s Howard Gleckman says there is no chance it will become law. The budget […]

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Havens Abroad, Shelters Ashore

By :: September 17th, 2014

No more tax havens abroad? The Organization for Economic Cooperation and Development released its plan to limit corporate tax avoidance. All 34 OECD members plus 10 other countries including China and Russia have approved the proposals, though each nation must still implement them. The recommendations are designed to “ensure the coherence of corporate income taxation […]

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What’s Love Got to Do with It? Not Much, in Congress

By :: July 31st, 2014

The Senate won’t “Bring Home Jobs…” at least not through the bill that would have denied tax deductions for costs of moving corporations out of the country. The Bring Home Jobs Act needed 60 votes to pass but received only 54. The House GOP may vote to put the estate tax to death. They’ve been […]

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The Demise of Estate Tax Planning

By :: September 10th, 2013

A fascinating story in last Friday’s Wall Street Journal reports what I suppose was an inevitable trend: With the estate tax exemption now up to $5.25 million ($10.5 million for couples) estate tax lawyers are running out of work. So, writes the Journal’s Arden Dale, they are turning to income tax planning for high-net worth clients. The Tax […]

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DOMA’s Demise and Federal Taxes

By :: June 26th, 2013

Same-sex couples are cheering the Supreme Court’s striking down the Defense of Marriage Act (DOMA), but the tax consequences are more of a mixed bag. For many couples, federal recognition of same-sex marriages will mean lower tax bills, but some gay couples will end up paying more. As I discussed here a few months back, […]

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Same-Sex Couples and Taxes

By :: March 25th, 2013

The 1996 Defense of Marriage Act (DOMA) was not primarily a tax law but it certainly affects the federal taxes that same-sex couples pay. In fact, taxes are the basis for the second of the two cases concerning same-sex marriage that the Supreme Court will hear this week. Although the federal government generally recognizes state […]

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Give Now or Pay Later: The Ever-Changing Estate and Gift Tax

By :: December 13th, 2012

For over a decade, the federal estate and gift tax has been in constant flux with its exemption rising, its rates falling, and its near-death experience in 2010 followed by resurrection in a reduced state. Now Congress once again has to decide what to do about these levies, which affect relatively few taxpayers but get an […]

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