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October 26, 2011

Posted October 26, 2011

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In this Issue:

IRS Releases Inflation Adjustment Amounts for 2012

The IRS has released new inflation-adjusted amounts for a number of tax provisions for tax years beginning in 2012.

Congress Expands Health Coverage Tax Credit

Congress has passed and the president has signed legislation enhancing the health coverage tax credit (HCTC) and other provisions as part of the Trade Adjustment Assistance Extension Act and in trade agreements with Colombia, Panama and Korea.

Senate GOP Offers Alternative to President’s Jobs Act

Senate Republicans have unveiled an alternative to President Obama’s proposed American Jobs Act. Called the Jobs Through Growth Act, the proposal provides for reduced individual and corporate tax rates, a territorial tax regime, repeal of 3 percent government withholding, and a moratorium on new federal regulations.