Tax legislative outlook
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1 Tax legislative outlook Fall 2010 and beyond Tax policy group November 2010
2 Agenda Election results Unfinished business Outlook for lame duck Challenges ahead
3 Mid-term election results House 183 Democrats 240 Republicans 0 Independents Senate 49 Democrats 46 Republicans 2 Independents 11 Undecided races 3 Undecided races 3
4 Tax-writing committees House New Chairman, Rep. Dave Camp (R-Mich.) New Ranking Member, TBD Senate Chairman, Sen. Max Baucus (D-Mont.) New Ranking Member, Sen. Orrin Hatch (R-Utah) will replace Sen. Charles Grassley (R-Iowa) 4
5 Lame duck agenda Tax extenders Bush tax cuts and individual AMT relief Estate tax 5
6 Tax provisions that expired in 2009 Business provisions Research credit Subpart F exception for active financing income Look-through treatment for controlled foreign corporation payments Economic assistance and community development programs Charitable giving incentives Individual provisions Deduction for state and local sales taxes Deduction for qualified tuition expenses Tax-free distributions from IRAs for charitable purposes 6
7 Extenders Congressional Action House approved legislation in May 2010 Major revenue offsets include: Tax carried interest Subject S corporation income to employment tax Increased oil spill liability trust fund tax Foreign tax credit changes (used for spending package enacted in August) Senate unable to pass similar bill 7
8 Bush tax cuts If no action in 2010, tax cuts expire and law reverts to 2000 state Tax rates 10 percent bracket expires; 15 percent bracket remains; other brackets increase to 28, 31, 36, and 39.6 percent Long-term capital gains increase to 20 percent Dividends taxed as ordinary income up to 39.6 percent Limits on itemized deductions and personal exemptions Reduced child and dependent care credits Elimination of marriage penalty relief 8
9 Individual AMT For 2009 the AMT exemption was $70,950 for joint filers and $46,700 for single filers Without extension for 2010 Exemption amount reverts to 2000 levels, $45,000 for joint filers and $33,750 for single filers 26 million taxpayers would be affected 9
10 Estate tax Estate tax sunset on January 1, 2010 Carryover basis applies in 2010 After 2010, pre-2001 rates and exemption amounts apply Top rate of 55 percent Exemption of $1million Stepped-up basis returns 10
11 Congressional action so far No formal proposals have been offered Finance Chair Baucus is expected to release a bill Permanent low- and middle-income tax rates. No extension for singles and couples with income over $200,000 and $250,000, respectively Permanent 20 percent rate on capital gains and qualified dividend income Temporary AMT patch Permanent estate tax fix Statutory PAYGO provides significant carve outs Offsets not required for permanent extensions of selected middle-class tax cuts 11
12 Looking for consensus Agreement on: Extending low and middle income tax cuts Capital gains and dividends rates Temporary AMT relief Extenders Disagreement on: High-income tax cuts The estate tax fix Paying for relief 12
13 Outlook for lame duck Bush tax cuts AMT relief Extenders Extension for one-year Maybe postponed to next year Estate tax 13
14 Challenges ahead Paying for future tax relief Potential for significant tax increases for: High-income individuals Domestic and multinational businesses Legislative gridlock Regulatory changes 14
15 Questions? 15
16 16
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