Taxation Update: May 2000

|Back|

Congress Passes Budget Blueprint  

On April 13 Congress completed final action on a Republican-crafted fiscal year 2001 budget resolution that allows at least $175 billion in tax cuts over five years. It also provides over $600 billion in discretionary spending and sets aside up to $40 billion in a reserve fund for a possible new Medicare prescription drug benefit. The budget resolution is not a law and does not go to the president for his signature or veto. Instead, it is a congressional blueprint that sets the maximum level of discretionary spending allowed in the upcoming fiscal year......

Estate Tax Vote to Occur in June

In early May, House Ways and Means Chairman Bill Archer outlined an ambitious list of tax bills that he planned to move through his committee. The Chairman included repealing the 3 percent telephone excise tax, increasing the limit on annual contributions to individual retirement accounts, and tax incentives to spur investment in low-income communities. The committee will also spend time dealing with the trade issue pertaining to foreign sales corporations. In addition, the Chairman announced that he would move a bill repealing the estate tax as soon as the House of Representatives returns to work in June.....

Joint Economic Committee Releases Tax Complexity Factbook

The Joint Economic Committee released in April a "Tax Complexity Factbook" to inform taxpayers just how much time, effort, and money it takes to comply with the U.S. tax code.....

Bond Starker Participates in Death Tax Summit

FICT Board member Bond Starker was one of over 50 concerned business owners who participated in the Death Tax Summit on May 23 in Washington, DC. The event focused on the need to repeal the detrimental and inefficient federal estate tax.....

House Votes to Sunset Tax Code

Just before leaving for its spring recess, the U.S. House of Representatives voted 229-187 in favor of a bill, H.R. 4199, that would set a December 31,2004 deadline for elimination or reauthorization of the tax code. The proposal also includes a clause that would establish a commission to recommend an alternative tax system.....

We Definitely Need Your Help

With attention shifting in this session of Congress from a large tax bill to single issue free standing legislation, years of hard work and concerted efforts have brought us to the upcoming vote to repeal the death tax. NOW is the time to urge your representative to vote for H.R. 8. Give them a call today and let them know that repeal of the death tax is critically important to you, your family, and your forestland. You may reach your representative’s office by dialing 202 224-3121 at the U.S. Capitol. The effort we put forth today may reap significant benefits in the future.....

If you are interested in receiving your own copy of "Taxation Update" click here to learn more!!

All rights reserved Forest Industries Council on Taxation © 2000