Daily Tax Update - September 14, 2009

HEALTH CARE REFORM CONTINUES TO DOMINATE CONGRESSIONAL AGENDA: Senate Finance Committee Chairman Max Baucus may introduce a health care reform bill as early as tomorrow. Baucus said that there is a “high probability” that he would introduce a bill Tuesday. A mark up could occur next week. Today, Baucus said he is hopeful that there will be bipartisan support. Baucus added, “After the [chairman’s] mark’s released, there’s still opportunities to be on the bill, or express support for the bill. Then we’ve got amendments. Then we’ve got markup. I mean, we’ve got all kind of opportunities.”

• Yesterday, one of the Finance negotiators, Sen. Kent Conrad said, “We meet again [today], we have people working all weekend, a number of us have worked through the weekend. We think we are very close to an agreement.” Conrad said the bill’s total cost could be around $880 billion.
• Sen. Olympia Snowe said, “I’m focusing on getting the best strategy so we can maximize support among Republicans and Democrats and of course the American people. And, we’re working mightily. I think it is important to build support, and that’s what I’m looking for. And that’s what we’re all looking for—both Sen. Grassley and Sen. Enzi and the other Members, Chairman Baucus and Sen. Conrad and Sen. Bingaman.”

JOINT TAX COMMITTEE RELEASES REPORT ON ADMINISTRATION’S PROPOSALS ON CROSS-BORDER TAXATION:  The Joint Committee on Taxation released a description and analysis of the revenue provisions related to the taxation of cross-border income and investment that are included in President Obama's fiscal year 2010 budget.

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE:
As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

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