Daily Tax Update - August 10, 2011: 9 Members Selected for "Super Committee"

REID, MCCONNELL & BOEHNER SELECT MEMBERS FOR "SUPER COMMITTEE":  Senate Majority Leader Harry Reid named Finance Committee Chairman Max Baucus, Foreign Relations Committee Chairman John Kerry, and Democratic Conference Secretary Patty Murray to represent Senate Democrats on the 12-member Joint Select Committee on Deficit Reduction (Super Committee).  Sen. Murray will be co-chairperson of the committee.

  • Senate Minority Leader Mitch McConnell appointed Senate Finance member Jon Kyl, Sen. Pat Toomey, and Sen. Rob Portman to serve on the joint committee.
  • House Speaker John Boehner named Ways and Means Chairman Dave Camp, House Republican Conference Chairman Jeb Hensarling, and House Energy and Commerce Committee Chairman Fred Upton.  Hensarling will also serve as co-chairman of the committee.
  • The bipartisan, bicameral committee will be comprised of 12 members, 6 from each Chamber, equally divided between Democrats and Republicans.  The members will develop legislation to achieve at least $1.5 trillion in deficit reduction over the next ten years.  The committee is required to report back to Congress by November 23; Congress is required to vote on the plan by December 23.

LIST OF COUNTRIES REQUIRING COOPERATION WITH AN INTERNATIONAL BOYCOTT:  In accordance with section 999(a)(3) of the Internal Revenue Code of 1986, the Department of the Treasury is publishing a current list of countries that require or may require participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986).

  • The list can be accessed here.

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.

STEPTOE & JOHNSON LLP - TAX PRACTICE
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