OUR THOUGHTS ON:

What's That Quacking Noise We Hear?

Tax

By Ron Kramer

On Monday, November 15, Congress returned from its midterm election recess to begin its lame duck session. What have we heard so far?

  • President Obama makes clear that he wants a permanent middle class tax cut, but is open to compromise on an extension of the Bush tax cuts for the wealthy (over $250,000). Quack!
  • Nancy Pelosi says no way we can afford to extend the tax cuts to millionaires and billionaires. Quack, Quack, Quack, Quack!
  • Senator Chuck Schumer, D-NY. - suggests raising the $250,000 threshold to $1,000,000 to provide tax relief to virtually all small businesses. Quack!
  • Senator Mark Warner, D-VA. – suggests keeping the income threshold at $250,000 and use tax revenues from the rich to provide targeted tax cuts to small business. Quack, Quack!
  • Republicans still favor a permanent extension of the Bush tax cuts. Quack, Quack, Quack!
  • Senator Max Baucus, Senate Finance Committee Chairman, D-Mont. introduces the Small Business Paperwork Relief Act to repeal Form 1099 income reporting for payments to corporations. This reporting passed as part of Health Care Reform is scheduled to go into effect for 2012. Quack, Quack!

We will keep you updated as to interesting “quacks” from the lame duck session as we hear them.

Given the number of issues to consider, and their past record for compromise, it will be interesting to see what the badelynge can accomplish during their final session of the 111th Congress.

If you have questions on further updates, please contact Ron Kramer at rkramer@schneiderdowns.com.

 

 

Schneider Downs provides accountingtax, wealth management, technology and business advisory services through innovative thought leaders who deliver the expertise to meet the individual needs of each client. Our offices are located in Pittsburgh, PA and Columbus, OH. 

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.

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