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So Says Speaker Nancy Pelosi
By Children’s Home Society of Florida Foundation
Members of both Parties joined the debate this week on income taxes. Without action by Congress, all of the tax reductions in the 2001/2003 tax acts will be phased out on January 1, 2011.
White House Steadfast
The White House has steadfastly maintained that the reductions for lower and middle-income brackets should be retained, while the reductions for the top brackets must be phased out. Under the White House proposal, individuals with incomes over $200,000 ($250,000 for married couples) would pay higher taxes. The top two brackets will increase to 36% and 39.6%. In addition, the White House proposes that the capital gains tax rate returns to 20%.
The Concerns
Senator Ben Nelson (D-NE) has expressed concern about the increase in taxes on upper income individuals. He is joined by Sen. Charles Grassley (R-IA), who has consistently supported extending all of the 2001/2003 tax brackets. Sen. Grassley suggested that it would be important to continue the tax reductions in order to encourage small business owners to hire new employees and reduce unemployment.
A Temporary Extension?
A long-term deficit hawk on the Democratic side is Senate Budget Committee Chair Kent Conrad (D-ND). He stated for the first time this week that he may be open to a temporary extension of the top brackets at the current 33% and 35% rate. Senator Conrad indicated that at some future time it will be necessary to “pivot” and move aggressively toward deficit reduction. However, he questioned whether the economy is strong enough to start the process of tax increases this year.
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Assessment
House Speaker Nancy Pelosi (D-CA) joined the debate with a strong affirmation of the White House position. She stated, “Our position has been that we support middle-income tax cuts. The tax cuts at the high end have increased the deficit enormously and they have not created jobs in the eight years.”
Editor’s Note: With Congress soon turning to the fall election, it is highly probable that action on income taxes will be deferred until after the election. With bipartisan concern about unemployment and the economy, it is quite likely that the tax reductions at the lower and middle brackets will be extended. The result for upper-income individuals is still uncertain.
Conclusion
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Filed under: Financial Planning, Taxation | Tagged: Chair Kent Conrad, income tax, Nancy Pelosi, Sen. Charles Grassley, Senator Ben Nelson, tax brackets. |
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Lame Duck Session Will Debate Taxes
In a White House statement released on November 6th, President Obama indicated that there was “room for us to compromise” on taxes in the lame-duck session. Following that White House statement, Obama advisor David Axelrod publicly suggested there may be a potential compromise on permanent extension of tax cuts for upper-income taxpayers.
President Obama was asked in a press conference in Korea on November 12th about the lame-duck session and taxes. He emphasized that he was not agreeing to a permanent extension of tax cuts for the upper brackets. He noted, “Here is the right interpretation – I want to make sure that taxes don’t go up for middle class families starting on January 1. I am not going to negotiate here in Seoul; my job is to negotiate back in Washington with Democratic and Republican leaders.”
There will be a meeting on November 18th in Washington between President Obama and Congressional leaders of both parties. At that meeting, there will be discussions and negotiations on the potential options for a tax bill during the lame-duck session of Congress.
Four Democratic representatives sent a letter to Speaker Nancy Pelosi (D-CA) with a proposed compromise for the tax extensions. The representatives were Bill Pascrell, Jr. (D-NJ), Michael Capuano (D-MA), Brian Hagens (D-NY) and Bill Owens (D-NY). The proposed solution includes a five-year extension of the tax rates for middle-class taxpayers (single persons with incomes under $200,000 and married couples with incomes under $250,000) and a five-year extension of the 15% capital gains tax. There would be a one-year extension for individuals with higher incomes not to exceed $500,000 and no extension for those with incomes over $500,000.
Editors Note: The lame-duck session has four important tax bills to consider. These are an agreement on income and capital gain taxes, passage of the tax extenders including the IRA charitable rollover, a “patch” for the alternative minimum tax (AMT) and a compromise on estate tax. IRS Commissioner Douglas Schulman sent a letter to Congress this week indicating that it will be necessary for the IRS to print the 2010 tax returns with the existing AMT rules. Because Congress is likely to increase the AMT exemption for 2010 during the lame duck session, the IRS will be required to publish updated tax forms in late January or early February.
Source: Children’s Home Society of Florida Foundation
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