Double Taxation Bills Introduced in House, Senate

Thursday, February 28, 2013 - 1:45am

Rep. Bill Thomas (R-CA), chairman of the Ways and Means Committee, during a news conference with Treasury Secretary John Snow this morning, introduced legislation offering tax relief intended to generate jobs and economic growth. The bill, H.R. 2, includes the elimination of the double taxation of corporate earnings. Sen. Don Nickels (R-Okla.) introduced a similar bill, S. 2, in the Senate. In his news conference, Thomas promised "as extensive hearings as we ever have." Ways and Means has scheduled a four-part hearing to examine the economic growth proposals, including the proposal to exclude certain corporate dividend payments from federal income taxes. The hearings will take place March 4-6 and 11 before the full committee. For a copy of the proposed legislation, click here.