President Obama’s remarks this morning on his “fiscal cliff” negotiations with House Republicans signals optimism that a deal may be close. Both sides have made concessions but continue to push for additional concession from the other. Near the end of his remarks this morning, the President said,
“I remain optimistic, because if you look at what the speaker has proposed, he’s conceded that income tax rates should go up . . . I’ve said I’m willing to make some cuts. What separates us is probably a few hundred billion dollars. The idea that we would put our economy at risk because you can’t bridge that cap doesn’t make a lot of sense.”
If you’ve been listening to talk radio or the news this morning, you will have already heard House Speaker John Boehner’s talking about the House’s “Plan B” tax bill. The White House has already rejected the Plan B proposal and it is expected to also die in the Senate. Nevertheless, the bill is important because it will outline what is important to House Republicans and will potentially set a baseline for supporting tax extenders in subsequent bills. (more…)
As the tax and spend negotiations continue, President Obama’s most recent offer on Monday included an extension of the Work Opportunity Tax Credit program and other tax extenders. This has been consistent while the public focus of the negotiations has been on areas of deeper disagreement. Already this morning, the White House rejected House Speaker Boehner’s counter offer. (more…)
A precarious moment has arrived for extending the Work Opportunity Tax Credit (WOTC) and other tax extenders. Republican leadership has expressed their general opposition to the $200 billion in “stimulus” included in President Obama’s budgetary demands. The Republican leadership has not specifically mentioned the $40 billion in tax extenders BUT the extenders (including WOTC) are part of the larger $200 billion stimulus package. (more…)
The atmosphere in Washington DC can change in a heartbeat.
On the way into my office this afternoon, I listened to a lively talk-radio discussion of today’s Republican counteroffer to the president’s tax and spending proposals. Upon arriving, I found an e-mail summary of the situation sent by Paul Suplizio, President of the WOTC Coalition. (more…)
The elections are over and many otherwise interested Americans have turned (at least one eye) temporarily away from politics. I understand the sentiment. Forcing yourself to follow Congress right now is like dragging one of those civil-war era canon balls with a chain around your ankle.
Nevertheless, important issues are being addressed, including the Work Opportunity Tax Credit and numerous other tax extenders. (more…)
John Sandusky, a Partner at Tax Incentive Group, LLC forwarded this response from Republican Senator Pat Toomey of Pennsylvania. (more…)
Some rough politics are on the horizon as Congress tries to divert the U.S. economy’s path away from the 2013 fiscal cliff. A small but not unimportant element in this effort is the passage of a tax extenders bill covering WOTC, empowerment zones and renewal communities, the research and development credit, and others similar tax incentives. (more…)
As of last night, there was an open standoff in the Senate over the Senate’s proposed tax extenders bill and the Republicans’ need to extend the Bush-era tax cuts. Democrat and Republican leaders agreed, however, to continue negotiating. (more…)