President Releases Fact Sheet on Tax Reform
Ahead of President Obama’s annual State of the Union Address, the White House released a fact sheet entitled, “A Simpler, Fairer Tax Code that Reasonably Invests in Middle Class Families,” an attempt by the White House to start the dialogue on comprehensive tax reform. However, already one of his proposed changes has been rejected and will not be included in his annual budget proposal: elimination of tax protections on income derived from 529 educational funds.
The President proposed to eliminate the tax protections for 529s, in short, 529 withdrawals for qualified educational expenses would be taxed as income. After intense lobbying and education, the President announced today that he would not include the proposal in his annual budget.
Other items included in the fact sheet: limited stepped up basis at death, retirement reform- capping IRA contributions and lifetime limits, increased taxes on capital gains and dividends, auto-enrollment in retirement funds, streamlined child care credit for families under $200,000, and expand the American opportunity tax.
Read the fact sheet.
NASE Attends High Profile Meetings with Treasury and HHS Officials
NASE President and CEO Keith Hall attended a meeting with U.S. Treasury Secretary Lew earlier this month. The meeting brought together CEOs of several small business associations, including National Federation of Independent Businesses, Business Forward, National Gay and Lesbian Chamber, Main Street Alliance, National Small Business Association, Small Business and Entrepreneurship Council, and Small Business Majority. The meeting revolved around pro-active ideas that could be implemented by the US Treasury department in order to help small businesses start and grown. The NASE explicitly raised the issue of the restrictions placed on Health Reimbursement Arrangements and how that impacts America’s small businesses. Overall the conversation was positive and the officials attending look forward to further dialogue.
On January 29, 2015, Keith Hall along with NASE Vice President of Government Relations & Public Affairs Katie Vlietstra, will attend a listening session with HHS Secretary Burwell. Top of the NASE’s agenda is learning more about the agencies contingency plan related to King v. Burwell and what moves they will make to protect the millions of Americans enrolled in a federally-facilitated exchange.
NASE to Release Your Health Care in 2015 Survey!
Next week the NASE will release their survey, Health Care in 2015, results next week. Nearly 200 NASE members participated in the survey. Stay tuned.
Washington Watch Online
Visit NASE Advocacy to view archived editions of Washington Watch. While you’re there, read the latest updates from the Washington, D.C. office, write your Congressperson, and find out how you can join the fight for micro-business.