Taxation Update: June 1999

So Many Ways to Spend a Budget Surplus...So Little Time

The good news is that the projected non-social security surplus would be large enough to fund tax cuts totaling $5,307 per household over the next 10 years, according to a Congressional Research Service study released in March. The bad news is that it will be difficult for Congress to reach agreement on how, when, and where to spend it

On April 15 the House and Senate passed the conference report on the Fiscal Year 2000 budget resolution, setting up what many think will be bitter battles with the Administration over the $778 billion, 10-year tax cut authorized by the GOP budget, and over the squeeze on discretionary spending.....

Reforestation Tax Act Update

On March 11 Representative Jennifer Dunn (R-WA) introduced H.R. 1083, the Reforestation Tax Act of 1999. This legislation encourages responsible management of forests in two important ways.....

Additional Estate Tax Legislation Introduced

Because estate tax relief is one of the issues being considered for inclusion in the House and Senate tax packages, legislation to provide relief from this onerous tax runs the gamut from total repeal to more limited, targeted measures.....

Institute for Policy Innovation Releases Study

The Case for Burying the Estate Tax, the recently released study from the Institute for Policy Innovation, concluded that estate tax compliance costs are almost as high as the revenue it raises. The study also concluded that the high marginal estate tax rates often force heirs to sell family farms and businesses to pay the tax, while generating less than 1 percent of federal revenues.....

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