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The Real Tax Debate Begins to Heat Up
Significant tax bills are expected to be considered by the House before Congress leaves Capitol Hill for the August recess.
Word on the Hill is that the House will vote the week of July 30 on legislation to provide more immediate certainty to the tax code. The Job Protection & Recession Prevention Act of 2012 (H.R. 8) extends through Dec. 31, 2012 the tax reductions originally enacted in 2001 and 2003 including:
H.R. 8 also provides a two-year alternative minimum tax patch (covering 2012 and 2013). In a July 26 letter to House leaders, AED urged the swift passage of H.R. 8 to give time for Congress to consider comprehensive tax reform legislation.
- lower marginal rates;
- marriage penalty relief;
- $1,000 child credit;
- 15 percent top rate on dividends and capital gains;
- estate tax at its 2011 and 2012 parameters (indexed); and
- higher Sec. 179 small business expensing limits.
Camp, Drier Introduce Legislation to Expedite Tax Reform Debate
On July 24, House Rules Committee Chairman David Dreier (R-Calif.) and Ways & Means Chairman Dave Camp (R-Mich.) introduced legislation that provides the framework for comprehensive tax reform to take place in the 113th Congress. The Pathway to Job Creation through Simpler, Fairer Tax Code Act of 2012 (H.R. 6169) provides rules for next congress to follow that would expedite the consideration of a comprehensive tax reform bill.
AED has been advocating for a comprehensive tax reform debate for months and applauds the members of Congress who are finally taking the steps to begin the discussion. Visit www.AEDAction.org today to urge swift action to ensure tax certainty and comprehensive tax reform.
Article Date: 2012-07-30
Source: Associated Equipment Distributors
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