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Author
Tax Policy Services Group, Deloitte Tax LLP
· Conferees Moving Toward Reconciliation Bill Compromise, But Final Deal Remains Elusive – Back from the Easter recess and prodded by the White House and congressional leaders, House and Senate conferees continued to inch toward a compromise on a $70 billion tax cut reconciliation bill that would extend lower rates for capital gains and dividend income and provide relief for taxpayers subject to the individual alternative minimum tax, but ultimately were unable to meet the April 27 target they had set for a final agreement.
· Dr. Frist Prescribes Repeal of LIFO Inventory Rules to Bankroll Tax Relief for Gas Pains – With gasoline prices rising, the November elections looming, and politicians of all stripes pushing gas-related tax breaks to curry favor with voters, Senate Republicans, led by Majority Leader Bill Frist, R-Tenn., unveiled an eight-point energy plan that would end the use of last-in, first-out (LIFO) accounting for all businesses and use the revenue to finance a $100 gas tax rebate check to taxpayers.
See attached file for details.
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