Major Tax Issues in the 111th Congress Page: 3 of 21
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Major Tax Issues in the 111th Congress
Contents
The Economic Context.................................................................................................................... 1
The State of the Econom y ...................................................................................................... 1
The Federal Budget................................................................................................................... 3
The Federal Tax Burden..................................................................................................... 4
Tax Issues Facing the 111th Congress .......................................................................................... 5
Economic Stimulus ................................................................................................................... 5
The Alternative Minimum Tax for Individuals ......................................................................... 5
Scheduled Expiration of the 2001 Tax Cuts ........................................................................... 6
Tax A dm inistration: The Tax Gap and Tax Shelters............................................................. 8
The Tax Gap........................................................................................................................ 8
Tax Shelters ....................................................................................................................... 10
International Taxation ..............................................................................................................11
"PAYGO" and Other Budget Enforcement Procedures ...........................................................11
Prominent Tax Policy in the 110th Congress.....................................12
Tax Cuts for Econom ic Stim ulus in 2008 ............................................................................ 12
H .R. 3970, the Tax Reduction and Reform A ct.................................................................... 15
Housing Tax Policy ................................................................................................................. 16
Energy Taxation and Extenders........................................................................................... 17
Contacts
Author Contact Inform ation ...................................................................................................... 18Congressional Research Service
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Major Tax Issues in the 111th Congress, report, December 4, 2008; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc815922/m1/3/: accessed April 25, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.