Briefing examines how budget provisions may impact individual and business taxes
The budget debate is well underway on Capitol Hill with lawmakers trying to see eye-to-eye on where to spend and what to cut. CCH has issued a new Tax Briefing that examines how budget provisions may impact individual and business taxes. CCH, a Wolters Kluwer business, is the leading global provider of tax, accounting and audit information, software and services ( CCHGroup.com).
Overall, President Obama has proposed $3.73 trillion in federal spending and $1.1 trillion in deficit reductions. The fiscal year 2012 budget also calls for ending Bush-era tax cuts for higher income individuals, making the American Opportunity Tax Credit permanent and eliminating some energy tax incentives.
“Despite the heated debates, there are some tax issues where Democrats and Republicans are generally in agreement,” said CCH Principal Federal Tax Analyst Mark Luscombe, JD, LLM, CPA. “For example, the White House and GOP leaders have said they’re both in favor of reducing corporate tax rates.”
To access the CCH Tax Briefing, please click on te PDF link above or visit CCHGroup.com/Legislation to access the full range of CCH's Special Briefings on significant tax law developments.
Members of the press interested in speaking to a CCH tax analyst about these or other federal or state tax issues should contact Leslie Bonacum or Eric Scott, info below.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business ( CCHGroup.com) is the leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.