Debt Ceiling Negotiations: New CCH Tax Briefing Examines Competing Plans

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Jul 27, 2011, 08:50 ET

RIVERWOODS, Ill., July 27, 2011 /PRNewswire/ -- With an August 2 deadline looming, President Obama and Congress are working to reach an agreement to raise the federal debt limit. Along with spending cuts, sweeping changes to the Tax Code have been part of the negotiations. CCH has issued a new Tax Briefing looking at proposals from both sides of the aisle. CCH, a Wolters Kluwer business is the leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).

The likelihood of immediate tax legislation to reduce the deficit is uncertain, but there is a growing commitment to consider tax changes as part of the overall solution later in 2011. And over the course of the past several months, many proposals to reduce the debt have included revenue raisers that would significantly alter the Tax Code.

"The tax proposals related to deficit reduction discussions in Washington could have a far-reaching impact for years to come," said CCH Principal Tax Analyst Mark Luscombe, JD, LLM, CPA. "With the Bush-era tax cuts set to expire at the end of 2012, many are wondering whether a potential debt ceiling deal will dramatically alter the current plan."

For More Information

To access the CCH Tax Briefing, please click here or visit CCHGroup.com/Legislation to access the full range of CCH's Special Briefings on significant tax law developments. Members of the press interested in speaking to a CCH tax analyst about the tax implications of the proposals should contact Eric Scott at 847-267-2179, [email protected]; or Brenda Au at 847-267-2046, [email protected].

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is the leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.