
Vol. 2 No. 10 May 14, 2001
by Guest Blogger, 7/17/2002
In This Issue
Senate Finance Chairman's Mark
"Mend It-Don't End It!" Estate Tax Rally
Estate Tax Repeal Update
Study Examines Targeted Tax Credits
Charitable Giving Tax Incentives Left Out Of Tax Bills
Confirmation Hearing Set for John Graham
Roadless Rule on a Bumpy Ride
EPA Gives More Time for Comments on Confidential Information
Senate Authorizes Creation of 1,000 CTCs
State Legislative Website Report Update
Tech Help: Online Protection for Children
To the Editors:
-->
Corrections
-->
SIDE BAR: Taxes: Nonprof Sector: Diverse Communities and Philanthropy; High-Tech Philanthropy; Nonprofit Low Power FM Radio Licenses Information Policy Online Inventory of E-Gov Initiatives
Senate Finance Chairman's Mark
Now that the House and Senate have adopted the budget resolution conference report (on May 9 and 10), setting spending limits at $1.95 trillion, with $661.3 billion in discretionary spending ($325.1 billion in military spending and $336.2 billion in domestic spending), and a $1.35 trillion tax cut over the next eleven years, from 2001 through 2011, consideration is now turning to the tax bill.
On Friday, May 11, Senate Finance Committee Chairman Charles E. Grassley (R-IA) and ranking Democrat Max Baucus (MT) drafted a tax cut mark that includes:
- An across-the-board cut in marginal tax rates, including a new 10% tax bracket effective retroactively to January 1, 2001 (part of the economic stimulus). When fully phased in, the current 36% rate would be reduced to 33%; the 31% rate would drop to 28%; and the 28% rate would go to 25%. *Revenue loss: $846.8 billion.
- Increasing the standard deduction for married couples to a level that is equal to twice the deduction for single filers. This would be phased in beginning in 2005. *Revenue loss: $59.8 billion.
- Doubling the child tax credit from $500 to $1000 in 2010, and allowing a small portion (15% of a parent's income over $10,000) to be refundable. The child tax credit will retroactively go to $600 effective January 1, 2001 (part of the economic stimulus package). *Revenue loss: $190.4 billion.
- Repealing the estate tax by 2011 and retaining the gift tax. (See article, this issue). *Revenue loss: $144.6 billion.
- Miscellaneous:
- Expand retirement savings incentives *Revenue loss: $40.1 billion)
- Add incentives for education savings (*Revenue loss: $32.8 billion).
- OMB Watch's Charitable Choice Information Page
- Table comparing pending charitable giving bills
