White House surveys potential offsets for extenders
They include:
-Tax carried interest as ordinary income to raise $28.6 billion.
-Make the Federal Unemployment surtax permanent, which raises $13 billion based upon how it is written.
-Prevent the “splitting” of foreign tax credits, which can occur when a company applies the credits from one subsidiary to the income of another. The provision could raise $9.5 billion.
-Repeal the lower-of-cost-or-market method to account for inventory to raises $8 billion.
-Allow companies to relax pension funding requirements to raises $2.1 billion.
-Require ordinary treatment of income from day-to-day dealer activities, which raises $2.5 billion.
-Increase information reporting on rental property expenses (already used in the House small business jobs bill), and could raise $2.5 billion.
-Garner payments to federal contractors with outstanding tax debts to raises $1.2 billion.
-Repeal the advanced Earned Income Tax Credit, which raises $1.1 billion.
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