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1.69 MB
Extraction Summary
6
People
9
Organizations
4
Locations
4
Events
2
Relationships
3
Quotes
Document Information
Type:
Newsletter / client briefing
File Size:
1.69 MB
Summary
This document is a 'Tax Topics' newsletter from Deutsche Asset & Wealth Management, dated December 20, 2013, authored by Blanche Lark Christerson. It analyzes a recent bipartisan budget deal, discusses the status of tax reform legislation, and explains temporary tax provisions known as 'extenders'. The document contains no direct mention of Jeffrey Epstein; its relevance is likely contextual, stemming from its origin at Deutsche Bank and its inclusion in a collection of documents from the House Oversight Committee, as indicated by the footer.
People (6)
| Name | Role | Context |
|---|---|---|
| Blanche Lark Christerson | Managing Director, Senior Wealth Planning Strategist |
Author of the 'Tax Topics' newsletter for Deutsche Asset & Wealth Management.
|
| Paul Ryan | House Budget Committee Chairman (R-WI) |
Negotiated a budget deal with Patty Murray in late 2013.
|
| Patty Murray | Senate Budget Committee Chairman (D-WA) |
Negotiated a budget deal with Paul Ryan in late 2013.
|
| President Obama | President of the United States |
Mentioned as the one who will sign the budget deal into law.
|
| Max Baucus | Senator (D-MT), Chairman of the Senate Finance Committee |
Put forth discussion drafts of tax reform legislation.
|
| Dave Camp | Representative (R-MI), Chairman of the House Ways and Means Committee |
Acknowledged falling short on his goal of introducing tax reform legislation in 2013.
|
Organizations (9)
| Name | Type | Context |
|---|---|---|
| Deutsche Asset & Wealth Management |
The publisher of the 'Tax Topics' newsletter.
|
|
| U.S. House of Representatives |
Passed the budget agreement on December 12, 2013. Its committees (Budget, Ways and Means) are mentioned.
|
|
| U.S. Senate |
Passed the budget agreement on December 18, 2013. Its committees (Budget, Finance) are mentioned.
|
|
| U.S. Congress |
Mentioned as the body that drafts spending bills and renews temporary tax provisions ('extenders').
|
|
| House Budget Committee |
Chaired by Paul Ryan.
|
|
| Senate Budget Committee |
Chaired by Patty Murray.
|
|
| Senate Finance Committee |
Chaired by Max Baucus.
|
|
| House Ways and Means Committee |
Chaired by Dave Camp.
|
|
| House Oversight |
Referenced in the footer 'HOUSE_OVERSIGHT_022325', indicating the document is part of a collection from the House Ove...
|
Timeline (4 events)
2013-12-12
The U.S. House of Representatives passed a budget agreement with a vote of 332 to 94.
Washington, D.C.
2013-12-18
Late 2013
House Budget Committee Chairman Paul Ryan and Senate Budget Committee Chairman Patty Murray negotiated a budget deal to forestall a government shutdown for two years.
Washington, D.C.
Locations (4)
| Location | Context |
|---|---|
|
State represented by Paul Ryan.
|
|
|
State represented by Patty Murray.
|
|
|
MT (Montana)
|
State represented by Max Baucus.
|
|
State represented by Dave Camp.
|
Relationships (2)
The document states they 'have hammered out a budget deal'.
Her title is listed as Managing Director at the firm.
Key Quotes (3)
"...a budget deal that forestalls - for two years - another government shutdown, and limits some of the forthcoming sequester cuts..."Source
HOUSE_OVERSIGHT_022325.jpg
Quote #1
"...this budget agreement does not address the debt ceiling suspension, which expires in February, and that another fiscal showdown is therefore possible early next year."Source
HOUSE_OVERSIGHT_022325.jpg
Quote #2
"Although "extenders" are not defined anywhere, they generally refer to temporary provisions of the tax law that Congress regularly renews..."Source
HOUSE_OVERSIGHT_022325.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,547 characters)
Deutsche Asset
& Wealth Management
& Wealth Management
Blanche Lark Christerson
Managing Director, Senior Wealth Planning Strategist
Managing Director, Senior Wealth Planning Strategist
Tax Topics
2013-12
2013-12
12/20/13
Budgets, tax reform and "extenders"
As the year winds down, House Budget Committee Chairman Paul Ryan (R-WI) and Senate Budget
Committee Chairman Patty Murray (D-WA) have hammered out a budget deal that forestalls - for two years
- another government shutdown, and limits some of the forthcoming sequester cuts otherwise slated to go in
effect in January. Although neither negotiator is entirely happy with the agreement, both view it as a
workable cease-fire in the budget battles; the House passed the agreement 332 to 94 on December 12th,
and the Senate passed it 64 to 36 on December 18th. President Obama will sign the bill shortly, thereby
making it possible for Congress to draft spending bills so as to allocate the budget dollars that have now
been approved. Note, however, that this budget agreement does not address the debt ceiling suspension,
which expires in February, and that another fiscal showdown is therefore possible early next year.
Committee Chairman Patty Murray (D-WA) have hammered out a budget deal that forestalls - for two years
- another government shutdown, and limits some of the forthcoming sequester cuts otherwise slated to go in
effect in January. Although neither negotiator is entirely happy with the agreement, both view it as a
workable cease-fire in the budget battles; the House passed the agreement 332 to 94 on December 12th,
and the Senate passed it 64 to 36 on December 18th. President Obama will sign the bill shortly, thereby
making it possible for Congress to draft spending bills so as to allocate the budget dollars that have now
been approved. Note, however, that this budget agreement does not address the debt ceiling suspension,
which expires in February, and that another fiscal showdown is therefore possible early next year.
As to tax reform, Sen. Max Baucus (D-MT), Chairman of the Senate Finance Committee, has recently put
forth several discussion drafts of legislation, generally dealing with corporate and international tax, and
energy incentives, while Rep. Dave Camp (R-MI), Chairman of the House Ways and Means Committee,
acknowledged that he fell short on his goal of introducing tax reform legislation this year, but that he would
rather focus on that than an "extenders" bill.
forth several discussion drafts of legislation, generally dealing with corporate and international tax, and
energy incentives, while Rep. Dave Camp (R-MI), Chairman of the House Ways and Means Committee,
acknowledged that he fell short on his goal of introducing tax reform legislation this year, but that he would
rather focus on that than an "extenders" bill.
What is "extenders" legislation, and how might it fit into the tax reform puzzle? Although "extenders" are not
defined anywhere, they generally refer to temporary provisions of the tax law that Congress regularly renews
- usually for a year or two at a time. For example, the research and development credit is an important
business incentive that has been around since 1981 - and is again among the extenders that expire on
December 31, 2013 (this year, they number 57). Some of the other extenders on this list are more recent,
including the $250 above-the-line deduction for certain out-of-pocket expenses of teachers, the deduction for
state and local sales taxes, and the IRA charitable "rollover" provision for taxpayers who are at least 70½.
defined anywhere, they generally refer to temporary provisions of the tax law that Congress regularly renews
- usually for a year or two at a time. For example, the research and development credit is an important
business incentive that has been around since 1981 - and is again among the extenders that expire on
December 31, 2013 (this year, they number 57). Some of the other extenders on this list are more recent,
including the $250 above-the-line deduction for certain out-of-pocket expenses of teachers, the deduction for
state and local sales taxes, and the IRA charitable "rollover" provision for taxpayers who are at least 70½.
Why does the tax law have so many temporary provisions? Several reasons come to mind. If a provision
was enacted in response to a natural disaster or specific crisis, it is theoretically a short-term measure
was enacted in response to a natural disaster or specific crisis, it is theoretically a short-term measure
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