Week of May 28, 2001
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Special Reports:
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Tax News & Views is designed to bring you the latest tax news from Washington. Deloitte & Touche's Washington watchers keep an eye on what Congress
and the President are talking about and doing with your money. Tax News & Views is
updated frequently.
Congress Passes Massive Tax Cut: The House and Senate on May 26 passed a bill to cut taxes by $1.35 trillion between 2001 and 2011, largely fulfilling a promise that was the cornerstone of George W. Bush’s presidential campaign. Tax Week in Review: Tax bill momentum remained strong last week as the full Senate began debate May 17 on the Senate Finance Committee's 11-year, $1.35 trillion tax cut package; meanwhile, President Bush announced tax and other measures to address the country's energy shortages and high energy prices. Tax Relief Bill Clears Senate Finance Committee: Now that the Senate Finance Committee has cleared an 11-year, $1.35 trillion tax cut proposal and the House has adopted a reconciliation package that would slice individual income tax rates, Congress appears to be well on its way toward passing a tax bill by Memorial Day. JCT Staff Tax Simplification Study: Aggressive Proposals Will Shape Future Tax Policy Debate: The aggressive recommendations included in the recently issued Joint Tax Committee staff study on federal tax simplification cannot be implemented in the short term, but the boldness of those proposals make this an important document that politicians and interest groups will use as leverage in tax policy debates in the coming years. House and Senate GOP Negotiators Strike Tentative Budget, Tax Cut Deal: House and Senate Republicans reached a tentative agreement May 1 on a fiscal year 2002 budget proposal that includes $1.25 trillion in tax relief between 2002 and 2011 plus an immediate $100 billion tax cut to stimulate the economy. JCT Staff Issues Sweeping Federal Tax Simplification Proposals: On the same day that House taxwriters approved a $51.5 billion pension reform bill, the staff of the Joint Committee on Taxation (JCT) released a wide-ranging, aggressive set of proposals aimed at simplifying the federal tax system. As Lawmakers Return to the Hill, White House and Congress Settle in for Battle Over Budget Numbers: With the House and Senate budget resolutions in place, the stage is now set for both chambers to reconcile their positions on tax cuts, taking into account all of President Bush’s priorities; but the bottom line is that Bush’s core tax cuts for individuals threaten to crowd out even the most popular and relatively modest business tax breaks, such as making the R&D tax credit permanent. Cleveland Indians Strike Out: Back Pay Awards Hike Employer's FICA-FUTA Tax Liability, High Court Holds: The U.S. Supreme Court held on April 17 that back wages paid as damages in 1994 for the years 1986-87 are attributable to the year in which the awards were paid, not to the years in which the wages should have been paid. What the Nation's Wealthiest Can Expect From the Bush Tax Plan: If current congressional proposals become law, those high wealth individuals who pay the bulk of the country's income and estate taxes, stand to see significant savings in both areas. No New Surprises as Bush Sends Formal Budget to Congress: As expected, the detailed FY 2002 tax and spending plan that President Bush released on April 9 contains no major changes from the preliminary documents that the White House presented to Congress in February. More headlines: Tax Week in Review: May 14, 2001 Tax Week in Review: May 7, 2001 Tax Week in Review: April 30, 2001 Tax Week in Review: April 23, 2001 Tax Week in Review: April 16, 2001 Tax Week in Review: April 9, 2001 Tax Week in Review: April 2, 2001 Tax Week in Review: March 26, 2001 Tax Week in Review: March 19, 2001 Tax Week in Review: March 12, 2001 Tax Week in Review: March 5, 2001 Tax Week in Review: February 26 Tax Week in Review: February 5 Tax Week in Review: January 29 Tax Week in Review: January 22 Tax Week in Review: January 15
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