Alternative Minimum Tax Generates Too Much Revenue to Eliminate, Obama Tells Taxpayers in Buffalo

The alternative minimum tax cannot be eliminated because the nation’s deficit and debt are too big, President Obama said at…

Foreign Tax Credit Crackdown Seen as Possible Offset for Extenders Bill

House Ways and Means Committee member Chris Van Hollen (D-Md.) said May 5 lawmakers are looking at taxation of carried interest and a crackdown on misuse of the foreign tax credit as…

Lawmakers Ponder Senate Budget Resolution for Clues on Dividend Tax Rates

The Senate Budget Committee-approved budget resolution does not make room for dividends tax rates to continue to be tied to capital gains rates after 2010, raising questions among some lawmakers about…

Fiscal Panel Leaders Call for Trust as Rifts Apparent on Ways to Close Budget Gap

The bipartisan leaders of President Obama’s fiscal panel appealed to their colleagues for open-mindedness and trust at the commission’s inaugural meeting April 27, even as the panel members…

Senate Finance Committee Chairman Baucus Open to $90 Billion Bank Tax, but Says More Hearings Needed on Details

Senate Finance Committee Chairman Max Baucus (D-Mont.) said April 20 that he is open to President Obama’s proposal to impose a new $90 billion tax on large financial institutions, but there are many details that need to be worked out…

Obama’s Fiscal Commission to Meet for First Time Today amid Grounded Expectations, Tough Choices

President Obama’s 18-member fiscal commission, which meets for the first time April 27, faces a difficult challenge to meet its twin goals of medium- and long-term deficit reduction, according to balanced-budget advocates…

Senate Budget Committee Approves Resolution Seeking Hike in Top Tax Rates

The Senate Budget Committee approved its fiscal year 2011 budget resolution April 22, voting 12-10 to send the full Senate a package that would allow top individual income tax rates to rise in 2011 while allowing for…

Administration Continues to Back Stand-Alone Use of International Tax Provisions, Senior Treasury Official Says

The administration continues to support the use of international tax proposals from its fiscal year 2011 budget as stand-alone provisions should Congress be inclined to do so, a senior Treasury…

Solving Deficit Without Undue Burdens on Middle Class Key Priority, Obama Says

It is important to solve the federal deficit without unduly burdening middle-class families, President Obama said in…

IRS Uncertain Positions Documents Answer Some Questions, Leave Others, Practitioners Say

The draft schedule and instructions that taxpayers would use to report uncertain tax positions, unveiled by the Internal Revenue Service April 19, are administratively helpful and well…

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