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Washington Report
February 2008
ICCFA joins tax relief coalition
by ICCFA General Counsel Robert M. Fells, Esq.
The ICCFA has joined a coalition representing over 1,000 trade associations, business organizations and corporations to oppose the expiration of certain beneficial tax rates and a proposed tax code overhaul in Congress. The consequences of these two events would raise personal income tax rates, restore the estate tax from zero to 55 percent and abolish the LIFO (Last-In-First-Out) method of accounting for inventory, among many other issues. Some of these tax increases will occur simply because of the expiration of current tax rates in 2010 unless Congress acts to extend them.
In addition, a tax code overhaul proposal currently being considered by the House Ways and Means Committee would impose a 4 percent tax surcharge on individual filers with incomes greater than $150,000 and on couples with incomes greater than $200,000. According to the coalition, the combination of the proposed tax surcharge and the expiring tax cuts could raise marginal tax rates for individuals and small businesses from the current top rate of 35 percent to 44.2 percent.
Members of the Tax Relief Coalition include the U.S. Chamber of Commerce, the American Bankers Association, the Latin American Management Association, Exxon-Mobil and the Direct Marketing Association, among hundreds of other organizations and companies. The ICCFA appears to be the only association in the cemetery and funeral profession to partner with the Coalition.
For more information on the coalition, check www.taxreliefcoalition.org.
Copyright ICCFA 2008
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