The tax deduction for advertising expenses has clearly become a target for Congressional tax reformers. Under current law, advertising costs are fully deductible as an ordinary business expense. Both the House and Senate Tax...more
Senate Finance Committee Chairman Max Baucus (D-Montana) has released the first of a coming series of detailed tax reform proposals, this one on international tax.
Today, Baucus also released proposals on tax...more
Although the chairmen of the tax writing committees, Representative Dave Camp (R-Michigan) and Senator Max Baucus (D-Montana), are thoroughly committed to enacting comprehensive tax reform and are devoting the considerable...more
Taxes will be a major part of the budget discussions now under way in Washington. Is this an opening for comprehensive reform?
Earlier this year, the House and Senate passed very different proposals for the federal...more
The next two days in Congress will be characterized by fast-moving developments on the government shutdown/debt ceiling issues.
As of this morning the situation is as follows...more
Congressional sources indicate, however, that a deal might not come together politically until very close to the October 17 - 18 deadline at which Treasury Secretary Jack Lew has warned Congress that, absent additional...more
The federal government shutdown, now in its fourth day, appears likely to continue a while longer as the list of issues under discussion between the President and Congressional leaders, and within the Congress, becomes longer...more
Amid the intense dispute over federal spending and debt, the chairmen of the tax writing committees in the US Senate and the House of Representatives continue their efforts to build a consensus among their members for tax...more
Although the political world in Washington is focused almost entirely on the impending October 1 deadline for an agreement over spending for fiscal year 2014 and the mid-October deadline for the President’s requested increase...more