Daily Tax Update - June 18, 2009

WAYS AND MEANS COMMITTEE ALSO DELAYS MARKING UP HEALTH CARE BILL:  Next week, the House Ways and Means Committee will hold a health care hearing. But the Committee will not mark up the legislation until after the July 4th recess. There has been no agreement on either the health care policy provisions or financing options in either of the tax-writing committees. 

  • Ways and Means Chairman Charles Rangel said that it was important to try to gain a consensus among the Democrats. Rangel added, “The amount of money you can raise if you just didn't care is there, but that amount of money is going to be dramatically reduced when we start saying we're not thinking of doing this, for whatever reason.”
  • Rep. Lloyd Doggett said yesterday that he still intends to try to get his bill to address tax havens and stop offshore tax evasion to be used as an offset for the health care reform bill.
  • Yesterday, Senate Finance Committee Chairman Max Baucus agreed to “slow things down” after concerns arose over the Congressional Budget Office’s projected $1.6 trillion cost. Baucus said that he intends to offer a fully offset health care bill under $1 trillion.

TAX BILLS INTRODUCED JUNE 17TH:
H.R.2910: To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes.
Sponsor: Rep Kind, Ron [WI-3] (introduced 6/17/2009)      Cosponsors (3)

H.R.2917: To amend the Internal Revenue Code of 1986 to deny any deduction for advertising prescription drugs.
Sponsor: Rep Lipinski, Daniel [IL-3] (introduced 6/17/2009)      Cosponsors (None)

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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