Newsroom
February 14, 2014
Wyden to tackle extenders before tax reform
Feb. 18, 2014 - The new chairman of the Senate Finance Committee, Sen. Ron Wyden, D-Ore., told Bloomberg News he wants to focus on extenders - or expired tax provisions - before he looks at broader tax reform, the goal of former committee Chairman Max Baucus, D-Mont.
Baucus submitted a letter of resignation last week in order to take a new post as ambassador to China, which he was confirmed for on Feb. 6.
Wyden spoke on Bloomberg's "Political Capital with Al Hunt" about his expectations and plans for his chairmanship. As reported, he said, "My hope is that we can get [the extenders] re-enacted promptly ... and then use them as a bridge to more comprehensive reform. My first choice would be to first go to comprehensive tax reform, rather than to have to proceed with the extenders.
"But the reality is when the House leadership last November, in effect, declared that Obamacare was their primary issue, that changed the timetable," he continued. "So I am not going to sacrifice important matters like research and development and innovation on the altar of perhaps some inaction on comprehensive reform."
Wyden also said he would work with Ranking Member Orrin Hatch, R-Utah, and other Republicans on issues related to the glitches in the Obamacare website.
NAFCU continues to hear that credit unions' exemption from federal corporate income tax is safe. Still, the association will keep a watchful eye on other changes that may have an impact on credit unions, including through action on the recently expired tax extenders that Wyden plans to address.
One such expired tax extender was a tax break benefiting underwater homeowners who received principal forgiveness mortgage modifications. This is one of the more than 50 deductions and credits that expired at the close of 2013.
Baucus submitted a letter of resignation last week in order to take a new post as ambassador to China, which he was confirmed for on Feb. 6.
Wyden spoke on Bloomberg's "Political Capital with Al Hunt" about his expectations and plans for his chairmanship. As reported, he said, "My hope is that we can get [the extenders] re-enacted promptly ... and then use them as a bridge to more comprehensive reform. My first choice would be to first go to comprehensive tax reform, rather than to have to proceed with the extenders.
"But the reality is when the House leadership last November, in effect, declared that Obamacare was their primary issue, that changed the timetable," he continued. "So I am not going to sacrifice important matters like research and development and innovation on the altar of perhaps some inaction on comprehensive reform."
Wyden also said he would work with Ranking Member Orrin Hatch, R-Utah, and other Republicans on issues related to the glitches in the Obamacare website.
NAFCU continues to hear that credit unions' exemption from federal corporate income tax is safe. Still, the association will keep a watchful eye on other changes that may have an impact on credit unions, including through action on the recently expired tax extenders that Wyden plans to address.
One such expired tax extender was a tax break benefiting underwater homeowners who received principal forgiveness mortgage modifications. This is one of the more than 50 deductions and credits that expired at the close of 2013.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.