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April 2012 » Tax Implications of U.S. Budgetary...
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William M. VanDenburgh, PhD, and Arthur Hamilton, JD
The accounting profession needs to be actively cognizant of the implications of the U.S. government's recent failed attempts to resolve its budgetary impasses and bring its debt to a sustainable level. The U.S. Treasury's stated debt stood at $15.3 trillion as of February 2012 and is projected to increase by more than $1 trillion in fiscal year 2012. On October 14, 2011, the AICPA sent a letter to the Joint Select Committee on Deficit Reduction (the so-called congressional supercommittee) that observed:
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