NUMBER OF THE WEEK: $37 billion
The predicted reduction in corporate income tax revenues
for fiscal year 2014 compared to an earlier projection by the
Congressional Budget Office. The reason for the reduced revenues?
CBO says companies are deferring tax payments until extenders are
renewed.
LEGISLATIVE LANDSCAPE
The House and Senate remained in recess last week and will
return next Monday, Sept. 8, 2014. We expect a short and busy work
period when lawmakers reconvene next week, with pressure on
Congress to pass a continuing budget resolution that would keep the
government funded beyond Sept. 30, 2014.
There is also growing speculation about whether Republicans,
specifically Senate Finance Committee Ranking Member Orrin Hatch,
may introduce a bill addressing corporate inversions — the
growing practice of U.S.-based companies' moving their tax
domiciles abroad via mergers with foreign firms.
