CCH Weekly Report from Washington, D.C.
During a speech at the National Press Club, Sen. Charles E. Schumer, D-N.Y., said that lowering the top individual tax rates would be a serious mistake and counterproductive to solving the nation’s economic woes. He added that federal policymakers eyeing an overhaul of the U.S. tax code in the coming months should abandon such thinking and focus on reducing the deficit. The IRS, meanwhile, has posted answers to frequently asked questions about same-sex couples, registered domestic partners, and same-sex spouses in community property states. The Service has also implemented two separate clarifying changes to its temporary procedures for issuing individual taxpayer identification numbers (ITINs).read more