Daily Tax Update - January 11, 2007

WAYS AND MEANS SELECTS SUBCOMMITTEE CHAIRMEN: Yesterday, Rep. Richard Neal (D-MA) was nominated to serve as the Subcommittee Chairman of the Select Revenue Measures Subcommittee. The House Democratic Caucus must meet to vote on the nominations, which may occur next week. Rep. Phil English (R-PA) will serve as ranking member.

  • Ways and Means Committee Chairman Charles Rangel (D-NY) recently met with the Subcommittee Chairmen to discuss the full committee agenda and what roles the subcommittees might play. Rangel said that the topics discussed were the alternative minimum tax, tax simplification, Social Security, and healthcare. Rangel said that those issues would all require "some political and fiscal pain" and added that the meeting with Republicans was meant to "make certain that we establish a sense of trust and candor in moving forward."

TAX BILLS INTRODUCED JANUARY 10TH CAN BE ACCESSED VIA http://www.steptoe.com/assets/attachments/2787.pdf

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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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