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Tax News & Views

Capitol Hill briefing.

Tax News & Views, published by the Deloitte Tax LLP Tax Policy Group in Washington, DC, provides a compact, reader-friendly perspective on the latest tax developments coming out of Congress affecting businesses and high-wealth individuals.

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February 5, 2016

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February 5, 2016

White House to propose $10-per-barrel oil tax in FY 2017 budget package: The Obama administration announced that it will include a proposal in its fiscal year 2017 budget blueprint to impose a $10-per-barrel “fee” on oil, to be paid by the oil companies, that would cover the cost of increased spending on “clean transportation infrastructure” and reforms to “investments we already make to help reduce carbon pollution, cut oil consumption, and create new jobs.”

Brady to lead House tax reform tax force: House Speaker Paul Ryan announced that Ways and Means Committee Chairman Kevin Brady will head up a task force on tax reform designed to “create jobs, grow the economy, and raise wages by reducing rates, removing special interest carve-outs, and making our broken tax code simpler and fairer.”

House effort to override veto of PPACA repeal fails; administration to propose changes to ‘Cadillac’ tax: The House failed to override President Obama’s recent veto of legislation that would have repealed most of the tax provisions in the Patient Protection and Affordable Care Act (PPACA) and blunted the impact of the PPACA’s health insurance coverage mandates for individuals and employers; meanwhile, the Obama administration indicated that it will include a provision in its upcoming FY 2017 budget package to dial back the PPACA’s “Cadillac” tax on high-cost employer-provided insurance coverage.

House taxwriters advance retirement account ‘fiduciary’ legislation: The House Ways and Means Committee approved bipartisan legislation that is designed to limit the ability of the Obama administration to issue regulations related to investment advice provided to retirement account holders.

Senate rejects proposed phase-out of fossil fuel tax incentives: The Senate rejected a proposed amendment to the Energy Policy Modernization Act (S. 2012) that would have phased out current-law tax incentives for the fossil fuel industry.

Archive

January 29, 2016
Senate taxwriters, White House focus on retirement savings

January 22, 2016
Hatch planning corporate integration discussion draft

January 15, 2016
Taxwriters elaborate on international tax reform agenda for 2016

January 8, 2016
Wide-ranging PPACA repeal bill heads to White House; Obama promises veto

January 4, 2016 - Special Edition
IRS extends PPACA information reporting deadlines

December 18, 2015
Congress approves, president signs combined extenders, appropriations package

December 15, 2015 - Special Edition
Negotiators unveil massive extenders package including some permanent business, individual provisions

December 11, 2015
Lawmakers buy more time to finish omnibus funding bill, extenders

November 20, 2015
Fate of tax extenders remains uncertain as lawmakers continue deliberations

November 13, 2015
Senate taxwriters weigh in on international tax reform, extenders

November 6, 2015
Kevin Brady tapped by House Republicans to lead Ways and Means Committee

October 30, 2015
Two-year budget deal – with streamlined audit rules for large partnerships – heads to White House

October 23, 2015
Ryan officially enters speaker’s race

October 9, 2015
House GOP leadership election postponed as McCarthy withdraws from speaker’s race

October 6, 2015 - Special Edition
OECD releases final BEPS reports

October 2, 2015
International tax reform-highway package hits pothole

September 25, 2015
Senate set to move government funding bill with extension of Internet tax moratorium

September 18, 2015
House taxwriters OK new tranche of permanent extenders provisions

September 11, 2015
New Highway Trust Fund revenue estimate presents possible speed bump for international tax reform

September 8, 2015 - Special Edition
End of recess starts countdown for action on highways, international tax reform

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