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Home » Archives by category » Latest News » Tax & Budget
Medicare, Social Security Reports Show Serious Problems
The Social Security and Medicare Trustees have each released their annual report analyzing the actual position of these two entitlement programs, which shows the financial standing of both programs is very problematic.
Extraordinary Measures Used to Extend Debt Ceiling
May 22, 2013
Earlier this week, the U.S. reached its borrowing debt limit, forcing the Treasury Department to employ “extraordinary measures” to enable the government to pay its bills – this latest measure is expected to keep the U.S. coffers operational through Labor Day.
Continue reading …Hearing on Small Business Tax Reform
May 15, 2013
Today, the House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing on the small business and pass-through entity tax reform discussion draft that was released by the committee on March 12.
Continue reading …Tax-Writing Chairmen Launch Bipartisan Initiative
May 15, 2013
Last week, House Ways and Means Committee Chairman Dave Camp (R-Mich.) and Senate Finance Committee Chairman Max Baucus (D-Mont.) joined together to launch www.TaxReform.gov and @simplertaxes, a new website and Twitter effort dedicated to obtaining input from the American public on tax reform.
Continue reading …Senate Approves Internet Sales Tax Bill
May 8, 2013Earlier this week, the Senate approved the Marketplace Fairness Act which would, for the first time, allow states to require large, online retailers with sales of more than $1 million outside of states where they have physical operations to collect sales tax on all purchases.
Continue reading …Online Sales Tax Bill Moves Through Senate
April 25, 2013The bipartisan Marketplace Fairness Act, introduced by Sen. Mike Enzi (R-Wyo.), has been the topic of Senate debate this week with a vote likely in coming days. The bill would allow states to collect taxes from online seller in concert with states simplifying their current sales tax systems.
Continue reading …Simpson, Bowles Offer Detailed Deficit Reduction Plan
April 25, 2013
On Friday,Erskine Bowles and Alan Simpson, former chairmen of President Barack Obama’s 2010 National Commission on Fiscal Responsibility and Reform, and Co-Founders of the Campaign to Fix the Debt, released a new deficit reduction plan in the hopes of reviving a debt grand bargain this year.
The chairmen released an updated framework for deficit reduction in February but have now fleshed out a more detailed plan that they say would save $2.5 trillion over the next decade—or a total of $5.19 trillion when added to $2.7 trillion in deficit reduction already enacted over the past few years.
Continue reading …New NSBA Survey on Taxes: Complexity is Number One Problem
April 11, 2013
NSBA today released the 2013 Small Business Taxation Survey which provides detailed insight on how small businesses are impacted by federal taxes, among the key findings: one-in-four report spending 120 hours or more per year on the administration of federal taxes.
Continue reading …House Small Business Committee Hearing on Tax Reform
April 10, 2013
On Wednesday, the House Committee on Small Business held a hearing on small-business tax reform which featured Ways and Means Committee Chairman Dave Camp (R-Mich.) as a key witness discussing his Committee’s efforts to address ever-growing complexity.
Continue reading …President’s FY 2014 Budget Released
April 10, 2013
The President’s Fiscal Year 2014 Budget was released Wednesday and includes some notable proposals including corporate tax reform and consolidation of SBA and a host of other business-related agencies into one massive business agency.
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