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Government Operations and Taxes Dominate Agenda
By The Children’s Home Society of Florida Foundation
On September 29th, the House of Representatives passed H.R. 3081 and provided for continuing federal government operations until December 3, 2010. President Barack Obama signed the bill on September 30th and government operations will continue until December using last year’s budget.
“Lame-Duck” Session
Following the November election, Congress will return and pass budget bills for fiscal year 2011. The short “lame-duck” session will be very busy because Congress faces major decisions on the budget bills and also has not completed work on 2011 taxes.
Tax Cut Support
A group of 31 House Democrats sent a letter to Speaker Nancy Pelosi (D-CA) and supported a 2011 extension for all of the 2001/2003 tax cuts. If there were a deadlock in Congress in November, then there would be a large tax increase for all Americans on January 1, 2011. However, the White House and Speaker Pelosi have supported extending the “middle class” tax cuts, but requiring single persons with incomes over $200,000 (married couples over $250,000) to pay taxes at a higher rate.
House Minority Whip Eric Cantor (R-VA) expressed concern that there was not a vote on extension of the tax cuts. He indicated that with the combination of support by most Republicans and 31 Democratic House members, the tax cuts could be extended for 2011.
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The November Agenda
In the November session of Congress, there is a need to address income taxes, capital gains tax and estate taxes:
1. Income taxes – The White House and Speaker Pelosi propose extending the middle class tax cuts and allowing the top two income tax brackets to increase to 36% and 39.6%. Most Republicans and the 31 Democratic House members would extend all of the tax cuts.
2. Capital Gains Tax – The White House and Speaker Pelosi would increase the tax from 15% to 20%. Most Republican House members and many moderate Democratic members would retain the 15% rate for 2011.
3. Estate Tax – If there is a deadlock in Congress, the estate tax exemption returns to $1 million and the tax rate will be 55%. The White House and House Democratic leaders have generally supported an exemption of $3.5 million with a rate of 45%. The last proposed compromise by Sen. Jon Kyl (R-AZ) and Sen. Blanche Lincoln (D-AR) was for an exemption of $5 million with a rate of 35%.
Editors Note: Your editors and the ME-P take no specific position on these tax proposals. The information is offered as a public service to our readers.
Assessment
All medical professionals, and financial advisors, please be aware!
Conclusion
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Filed under: Alerts Sign-Up, Estate Planning, Retirement and Benefits, Taxation | Tagged: capital gains taxes, Eric Cantor, estate taxes, H.R. 3081, Income taxes, Nancy Pelosi, President Obama |
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Financial Update Report on Congress
The federal government operates on a fiscal year that starts October 1st and is completed on September 30th. For the fiscal year 2010 that was recently completed on September 30, the nonpartisan Committee for a Responsible Federal Budget published a financial report. The report outlines the actual result for Congress for the past year in nine specific areas.
1. Public Debt – The debt held by the public (United States citizens, companies and foreign organizations) increased from $7.6 trillion to $9 trillion.
2. Deficits – The 2010 deficit was 9.1% of gross domestic product (GDP). This was down modestly from the record 9.9% deficit the prior year.
3. Budget Resolutions Passed by September 30 – Zero. The House was unable to pass a budget resolution for the first time since 1974.
4. Proposed Future Deficit – Under the White House Budget Plan, the proposed deficit over the next decade is $11.1 trillion.
5. Federal Reserve Bond Holding – The Federal Reserve has been acquiring more government bonds. Its portfolio has increased by $168 billion.
6. Banks Receiving TARP Funds – 97 Banks. This is down from 684 banks a year earlier. The estimated TARP final cost has declined substantially. It is now well below $100 billion and the final cost may be below $50 billion as the banks repay their loans.
7. Appropriation Bills by September 30th – Zero. Because Congress failed to pass any appropriations bills, it was necessary to pass a continuing resolution. The federal government will be functioning until December 3, 2010 under that continuing resolution.
8. Congressional Plans to Fix Social Security – One. Congressman Paul Ryan (R-WI) has published his “Roadmap for America’s Future Act of 2010.” This legislation offers potential solutions to make Social Security solvent.
9. Plans to Pay the Cost of Extending the 2001/2003 Tax Cuts – Zero. The extension of the tax cuts over the next decade could cost $2.7 trillion. There are at present no plans to pay for that cost.
Editor’s Note: Following the election, the Fiscal Responsibility Commission appointed by President Obama will report by early December. It is expected that it will propose solutions that will address the budget deficit.
Source: Children’s Home Society of Florida Foundation
Benjamin
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Labor-Related Tax Breaks Businesses Need To Know
Ben – In this tough economy, every business [medical or dental practice, etc] could use a break. Here is a list of available tax credits to businesses who hire employees fitting in the following categories:
Job Corps Graduates: Job Corps is a free educational and vocational training program available to eligible youth between the ages of 16 and 24. Businesses who hire Job Corps graduates not only get a highly trained entry-level employee, but qualify for a $2,400 tax break for at least six months of full-time employment and a $1,200 tax credit for part-time employment for the same amount of time.
Veterans: Federal tax benefits are available for business owners who hire veterans under the Work Opportunity Tax Credit (WOTC). There is a credit of up to $2,400 if a business hires a veteran who is a member of a family that has received food stamps or a disabled veteran who is participating in a vocational rehabilitation program. Businesses can receive up to $4,800 in tax credits for hiring a veteran within one year of being discharged or released from active duty or who has been unemployed for any six of the last 12 months.
More coming soon.
Source: Jennifer Vander Sanden
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More Labor-Related Tax Breaks Businesses Need To Know
As mentioned above, in this tough economy, every business could use a break. So, here is another list of available tax credits to businesses [like medical offices and clinics] who hire employees fitting in the following categories:
Unemployed: The Hiring Incentives to Restore Employment Act (HIRE) gives employers who hire an unemployed worker before January 1, 2011 a 6.2% payroll tax incentive, which basically exempts them from their share of Social Security taxes on wages paid to that worker. In addition, for each worker retained for at least a year, business can claim an additional general business tax credit of up to $1,000 per worker, when they file their 2011 taxes.
Disabled Workers: Not only can businesses who hire disabled workers qualify for WOTC but there are also tax breaks available for improving the work lives of those employees. Disability Access Tax Credits exist, including the Architectural Barrier Removal Tax Deduction which gives employers up to $15,000 a year to improve entrances, walkways, etc. for persons with disabilities.
Source: Jennifer Vander Sanden
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