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WASHINGTON HOTLINE The Senate Finance Committee conducted a hearing on July 14, 2010 to discuss the potential extension of tax cuts. In the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), there were tax reductions for nearly all Americans. The tax […]

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WASHINGTON HOTLINE On July 2, 2010, President Obama signed the Homebuyer Assistance and Improvement Act of 2010 (H.R. 5623). The bill permits first-time homebuyers to qualify for the $8,000 credit. It also allows homeowners who have lived for five years in their current residence to purchase a new home and receive a credit of $6,500. […]

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WASHINGTON HOTLINE By a vote of 215 to 210, the House of Representatives passed a one-year budget enforcement resolution. While it is rare in election years for the House to pass a full budget resolution, the urgency of the fiscal situation in the nation caused the House to pass the one-year plan. House Budget Chair […]

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WASHINGTON HOTLINE Tax Extenders Drama Continues The Senate and House continue in their efforts to pass the American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213). Both parties are debating the cost of the bill and the tax offsets. On June 17, 2010, Senate Finance Chair Max Baucus (D-MT) offered his latest version […]

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WASHINGTON HOTLINE Senate Extenders Compromise on Hedge Fund Taxes The Senate continues to move forward on the American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213). Following passage of the bill by the House on May 28, 2010, the Senate has taken up the legislation. The House bill’s principal offset is a tax […]

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WASHINGTON HOTLINE Senate Promises To Amend Tax Extenders Bill On May 28, 2010, the House passed the American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213) by a vote of 215-204. The bill now will go to the Senate as it returns to Washington the week of June 7. After passage of the […]

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WASHINGTON HOTLINE Tax Extenders Bill Delayed Until June Senate Majority Leader Harry Reid (D-NV) has deferred a vote on the “tax extenders” bill until the Senate returns from its Memorial Day recess on June 7, 2010. He indicated this week that there is continuing debate about the tax provisions in the American Jobs and Closing […]

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WASHINGTON HOTLINE Agreement on IRA Rollover and Tax Extenders After months of negotiation, Senate Finance Committee Chair Max Baucus (D-MT) and House Ways and Means Committee Chair Sander Levin (D-MI) have announced an agreement. The House and Senate both previously passed bills that would extend over 40 tax provisions, including the IRA Charitable Rollover. Because […]

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WASHINGTON HOTLINE Oil Company Tax Increase to Clean Up Gulf Oil Spill The oil spill from the Deepwater Horizon rig in the Gulf of Mexico continues to put the Gulf Coast economy at risk. As a result, President Obama this week sent a letter to Speaker Nancy Pelosi (D-CA) and proposed an increase in the […]

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WASHINGTON HOTLINE Tax Quote of the Week “Government expands to absorb revenue and then some.” – Tom Wicker Should Banks Pay a TARP Tax? During the financial crisis in October of 2008, Congress passed the Emergency Economic Stabilization Act. Part of that Act created the Troubled Asset Relief Program (TARP) with a $700 billion fund […]

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