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Article: Several factors threaten reported budget surplus.(A)(Nation)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- August 27, 2001
- Author:
CopyrightCOPYRIGHT 2001 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: John Godfrey
The White House may be saying the new surplus estimates are great news, but lobbyists throughout Washington are battening down the hatches.
While the Office of Management and Budget estimate shows that there will be $1.3 trillion in budget surpluses over the next decade, business types are nervous that Treasury may start rooting around the tax code looking for cash.
For example, one proposal, a Clinton legacy, would reverse a U.S. Supreme Court ruling allowing certain small business owners to reap the financial benefit of being forgiven a debt and then face no tax consequences for that financial gain. Similarly, there has ...