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Current Tax Developments

House Passes Small Business Tax Cut Bill

Aug 14, 2012

The House has passed a bill sponsored by House Minority Leader Eric Cantor, R-Va., H.R. 9, to give a 20 percent tax deduction for the domestic activities of small businesses. The deduction would be available to businesses employing fewer than 500 workers. The Small Business Tax Cut Act  was approved by the House Ways and Means Committee in late March. This deduction would equal 20 percent of the active business income of businesses and business owners who pay their taxes at the individual or...

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Obama’s ‘Buffet’ Rule Doa in Congress, House Republicans Offer Competing Tax Plan

Aug 14, 2012

Democrats in the Senate introduced legislation, the Paying a Fair Share Act of 2012, implementing the so-called “Buffet rule,” which would impose a 30 percent minimum tax on the wealthy. The measure, S. 2230, sponsored by Sen. Sheldon Whitehouse, D-R.I., would apply to taxpayers with adjusted gross income of $1 million annually. Consideration of the bill was quickly blocked by the Republicans, though Democrats vowed to continue their efforts to move the rule forward. The Obama...

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