NSBA Reaction to State of the Union Address

January 25, 2011

Two overriding themes permeated President Barack Obama’s State of the Union Address tonight; innovation and entrepreneurship. From broad, patriotic rhetoric to specific proposals, Obama’s comments underscored both the founding principle of innovation and entrepreneurship in the American dream as well as their importance to today’s economy. “Innovation is what we...

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House Moves 1099 Repeal Bill to Priority

January 19, 2011

On Jan 12, Republicans signaled that repealing the controversial 1099 reporting requirement passed as part of the health care law is one of their most pressing priorities by renumbering it to H.R. 4. This bill will repeal Section 9006 of the Patient Protection and Affordable Care Act (PPACA) that requires any business that purchases...

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Fair Tax Bill Introduced

January 11, 2011

On the first day of the 112th Congress, the Fair Tax Act (H.R. 25) was introduced by freshman Rep. Rob Woodall (R-Ga.) with 48 co-sponsors—the highest number of original co-sponsors ever.  Woodall is no stranger to the Fair Tax Act, prior to being elected to Congress; he was the Chief of Staff to Rep....

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Taxpayer Advocate Unveils Annual Report

January 11, 2011

On Jan. 5, National Taxpayer Advocate Nina E. Olson released her annual report to Congress, identifying the need for tax reform as the number one priority in tax administration. Olson expressed continuing concern that the Internal Revenue Service’s (IRS) increasing use of hard-core enforcement actions, particularly tax liens, is inflicting unnecessary...

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Gene Sperling Named Chief Economic Advisor

January 7, 2011

President Barack Obama today announced his appointment of Gene Sperling as director of the National Economic Council. During his tenure as the top aid to Treasury Secretary Timothy Geithner, Sperling was instrumental in the passage of various pieces of pro-small-business legislation including initiatives to enhance small-business lending, and the recently-enacted...

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In 2011, Tax Benefits Will Slightly Increase

January 4, 2011

The Internal Revenue Service (IRS) recently announced that in 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of...

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