The National Commission on Fiscal Responsibility and Reform, appointed by Pres. Obama, adjourned on December 3, 2010, with only 11 of 18 members voting to recommend the final report. Fourteen votes were necessary to send the report to Congress for legislative action. While the report was ominously titled, "The Moment of Truth," it will sit on the shelf gathering dust. Parts of the report may be used or referred to in future presidential budget recommendations and in future legislative squabbles.
A few items to observe from the final report that are in addition to my November 12th blog include:
- Capital gains would be taxed at ordinary rates
- State and municipal bond interest would be taxable
- All retirement accounts would be consolidated and tax-preferred contributions capped at the lower of $20,000 or 20% of income.
No comments:
Post a Comment