Words of Wisdom for the 110th Congress

Tax Analysts
Assuming the new Democratic Congress reinstates ‘‘pay as you go’’ budget procedures, legislators will face considerable pressure to identify offsetting revenue raisers to finance their agenda. Larry Gibbs comments that early indications suggest Congress will focus on at least four proposals: (1) increasing taxes on the oil and gas industry, (2) revising the U.S. international tax rules, (3) reducing the amount of uncollected taxes (the tax gap), and (4) curbing the use of tax shelters by codifying the judicial economic substance doctrine.
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