Daily Tax Update - August 10, 2012: Congress Has 13 Legislative Days Before Election

CONGRESS HAS 13 LEGISLATIVE DAYS BEFORE ELECTION:  Congress is on its five-week break until it returns to work on September 10.  Thirteen work days remain on the Congressional calendar before the November 6th election.

  • Once Congress returns, a vote will be scheduled to keep the federal government funded beyond October 1st.  During the break, Congressional staff are working on legislation that can be passed by the House and Senate in September and sent to President Obama to be signed into law.
  • During his recent weekly public address, House Majority Leader Eric Cantor urged President Obama to extend the Bush-era tax cuts for all taxpayers.  Cantor said, "You know, it’s odd that less than two years ago President Obama actually agreed with House Republicans that a tax increase on our small businessmen and women would hurt our economy.  This raises the question: does President Obama now believe our economy is doing so well that we can afford to raise taxes on small businesses?"  Cantor added, "I am hopeful that with the passage of a bipartisan bill to stop the tax hike in the House and with unemployment still above 8% that President Obama will return to the position that he embraced less than two years ago and agree that now is NOT the time to be raising taxes on small business job-creators and the hardworking taxpayers of this country."
  • House Minority Leader Nancy Pelosi countered, "The last thing the American people need right now is more uncertainty, more unfairness, and higher taxes on working families and small businesses.  Yet House Republicans continue to stand as the lone roadblock to a middle class tax cut – preferring to hold tax relief for 100% of Americans hostage to extra tax breaks for the top 2%."

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 has one of the largest and most diverse law firm tax practices in the country.  The practice covers the entire spectrum of federal taxation, including representation of businesses before the Congress, Treasury and the national office of the IRS; transactional planning for domestic and multinational corporations; complex audit and controversy work for corporations and other business interests contesting IRS adjustments; litigation before the Tax Court, Court of Federal Claims, district courts, courts of appeals and the Supreme Court.  The firm's tax practice also encompasses all aspects of employee benefits (ERISA), executive compensation, tax-exempt organizations and charitable giving.  Steptoe has an extensive state and local tax practice, representing an array of business clients on complex sales and use tax, corporate income tax and property tax matters, both advising those clients and handling audits, administrative appeals, and litigation for them. Read more information on Steptoe's tax practice.