Daily Tax Update - June 21, 2013: Senate Finance Releases Last Tax Reform Options Paper

THE DAILY TAX UPDATE WILL BE PUBLISHED WHEN CONGRESS RETURNS ON JUNE 25

Senate Finance Releases Last Tax Reform Options Paper:  Today, the Senate Finance Committee released the tenth and last in a series of options papers on tax reform.  The document is titled Non-Income Tax Issues and Related Reforms .

According to the report, “The federal tax code includes a number of taxes in addition to the individual and corporate income taxes, some of which are used to fund specific programs.  These non-income taxes include employment taxes (such as the taxes for Social Security and Medicare), wealth transfer taxes (such as the estate and gift taxes), and a variety of excise taxes.”  The report continues, “[T]ogether these non-income taxes raise almost as much revenue as the individual and corporate income taxes.  The overwhelming portion of non-income tax revenue is derived from employment taxes.”

Tax Bills Introduced June 19:
[113rd] H.R.2429 : To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes.

Sponsor: Rep Brady, Kevin [TX-8] (introduced 6/19/2013)      Cosponsors (13) 
Committees: House Ways and Means 
Latest Major Action: 6/19/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.2443 : To amend the Internal Revenue Code of 1986 to exempt certain educational institutions from the employer health insurance mandate.
Sponsor: Rep Messer, Luke [IN-6] (introduced 6/19/2013)      Cosponsors (2) 
Committees: House Ways and Means 
Latest Major Action: 6/19/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] S.1183 : A bill to amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes.
Sponsor: Sen Thune, John [SD] (introduced 6/19/2013)      Cosponsors (28) 
Committees: Senate Finance 
Latest Major Action: 6/19/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


4. [113rd] S.1188 : A bill to amend the Internal Revenue Code of 1986 to modify the definition of full-time employee for purposes of the individual mandate in the Patient Protection and Affordable Care Act.
Sponsor: Sen Collins, Susan M. [ME] (introduced 6/19/2013)      Cosponsors (1) 
Committees: Senate Finance 
Latest Major Action: 6/19/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.