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Major Tax Issues in the 108Th Congress Updated October 7, 2004

By Brumbaugh, David L.

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Book Id: WPLBN0000114015
Format Type: PDF eBook
File Size: 0.1 MB
Reproduction Date: 2008
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Title: Major Tax Issues in the 108Th Congress Updated October 7, 2004  
Author: Brumbaugh, David L.
Language: English
Subject: Government publications, Legislation., Government Printing Office (U.S.)
Collections: Government Library Collection
Publication Date:
Publisher: Government Printing Office


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Brumbaugh, D. L. (n.d.). Major Tax Issues in the 108Th Congress Updated October 7, 2004. Retrieved from

Summary: As 2004 progresses, the congressional tax policy debate continues to focus on several issues it considered in 2003. One such focus is the broad tax cuts Congress enacted in May 2003, as the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA; P.L. 108-27). At issue in 2004 is whether to extend a number of JGTRRA’s tax reductions that are scheduled to expire at the end of the current year. A second prominent issue is the controversy over the extraterritorial income (ETI) tax benefit for U.S. exports, which was found to be impermissible by the World Trade Organization (WTO); both the House and Senate tax-writing committees passed legislation repealing ETI in late 2003. The legislation also contains broader provisions affecting U.S. and overseas investment, and Congress continued to debate the bills through the first months of 2004. Other tax issues that Congress has addressed in the first part of 2004 include pension reform legislation, extension of a moratorium on internet taxation, and taxes related to highway funding.

Table of Contents
CONTENTS SUMMARY MOST RECENT DEVELOPMENTS BACKGROUND AND ANALYSIS The Economic Context The State of the Economy The Federal Budget The Federal Tax Burden Tax Proposals in President Bush’s Fiscal Year 2005 Budget Tax Legislation in 2003 The 2003 Tax Cut: The Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) The Policy Debate Selected Issues Expiration of the 2001 Tax Act and its Acceleration by JGTRRA Deductibility of State and Local Sales Tax Tax Cuts for Economic Stimulus International Taxation Other Possible Tax Issues Fundamental Tax Reform Business Taxation Small Business Taxation Family Tax Issues Estate Tax Individual Alternative Minimum Tax (AMT) Expiring Tax Provisions Energy Taxation Pension Tax Policy Internet Taxation Charitable Contributions


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