RIVERWOODS, Ill., Sept. 15, 2011 /PRNewswire/ -- With hopes of stimulating national job growth in the near future, President Obama is urging Congress to pass his $447 billion jobs package. CCH has issued a new Tax Briefing examining the proposed legislation and its potential impact on taxpayers. CCH, a Wolters Kluwer business is the leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).
Some of the job creation incentives in the American Jobs Act of 2011 include payroll tax cuts, tax credits to encourage hiring and infrastructure spending to jump-start the economy.
The multi-billion dollar package would be paid for by limiting tax deductions for higher income earners, changing the tax treatment of carried interest and other offsets, unless the newly formed Joint Select Committee on Deficit Reduction achieves additional savings by reaching certain deficit reduction targets.
"The administration wants Congress to act on this fast, but it may be difficult for the IRS to administer some of the tax provisions if the package is passed," said CCH Principal Federal Tax Analyst Mark Luscombe, JD, LLM, CPA. "Tax relief aimed to help small businesses may be a key point for lawmakers to find common ground on this bill."
For More Information
To access the CCH Tax Briefing, please click here or visit CCHGroup.com/Legislation to access this and other CCH Special Briefings on significant tax law developments. Members of the press interested in speaking to a CCH tax analyst about potential tax implications of the new legislation should contact Eric Scott at 847-267-2179, eric.scott@wolterskluwer.com or Brenda Au at 847-267-2046, brenda.au@wolterskluwer.com.
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. Follow us now on Twitter @CCHMediaHelp.
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.
SOURCE CCH, a Wolters Kluwer business
