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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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Recent editions appear below; for older issues please email a request to ustaxnews@deloitte.com.
May 24, 2024
House passes tax package offering relief to disaster victims, but Wyden vows to block quick Senate action
The House approved by a wide bipartisan margin a $4.9 billion aid package that would provide tax relief to victims of certain hurricanes, wildfires, and other natural disasters, as well as the East Palestine, Ohio, train derailment; however, Senate Finance Committee Chairman Ron Wyden vowed to block Senate action on that bill as a way to force his colleagues to instead take up the more wide-ranging tax measure—including an identical set of disaster relief provisions—that he introduced earlier this year with House Ways and Means Committee Chairman Jason Smith.
House taxwriting panel praises Opportunity Zones but sees room for improvement
The Opportunity Zone tax incentives enacted in the Tax Cuts and Jobs Act of 2017 won bipartisan plaudits during a House Ways and Means Tax Subcommittee field hearing in Erie, Pa., on expanding economic opportunity in the “Rust Belt”—although taxwriters and witnesses also acknowledged that the program would be strengthened by the addition of robust reporting requirements and other changes.
Finance Committee Republicans form TCJA tax working groups
Senate Finance Committee ranking member Mike Crapo has formed “working groups” of GOP taxwriters to study issues related to the host of tax provisions affecting individuals, estates, and passthrough entities that were enacted in the Tax Cuts and Jobs Act and are scheduled to expire after 2025, according to a report from Bloomberg Tax citing comments from the panel’s top Republican.
JCT releases federal tax system overview for 2024
The Joint Committee on Taxation staff released a new report describing the operation of the federal tax system as in effect for 2024.
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May 17, 2024
Five-year FAA reauthorization—with no amendments—heads to the White House
May 10, 2024
Senate passes five-year FAA reauthorization measure; House expected to follow suit next week
May 3, 2024
TCJA, Pillar Two, Inflation Reduction Act dominate discussion at Ways and Means hearing on White House budget plan
April 19, 2024
Filing season’s over but Wyden’s still committed to bipartisan tax package
April 12, 2024
Bipartisan tax package remains stuck in the Senate
March 22, 2024
Wyden presses his case for bipartisan tax package as Finance Committee debates White House FY 2025 budget blueprint
March 15, 2024
Wyden, Crapo still at odds over bipartisan tax package as Finance Committee debates manufacturing tax incentives
March 12, 2024 (Special Edition)
Biden doubles down on corporate, high-wealth tax increases in FY 2025 budget blueprint
March 11, 2024 (Special Edition)
White House releases FY 2025 budget proposal, ‘Green Book’
March 8, 2024
Biden renews calls for corporate, high-wealth tax increases in State of the Union address
March 1, 2024
Bipartisan tax deal still sidelined as Congress punts spending deadlines further into March
February 16, 2024
SALT relief fizzles in the House; bipartisan tax relief bill still stuck in the Senate
February 9, 2024
Bipartisan tax package in limbo in the Senate; SALT relief held up in the House
February 2, 2024
Bipartisan tax bill clears House, but Senate prospects remain uncertain
January 26, 202
4Johnson preps for post-recess House vote on Smith-Wyden tax package
January 19, 2024
Bipartisan tax deal clears Ways and Means; March funding bill emerges as possible legislative vehicle
January 16, 2024 (Special Edition)
Smith-Wyden tax package includes business tax relief, child tax credit enhancements, and more
January 12, 2024
Some progress on tax deal, government funding pact, but challenges remain
December 21, 2023 (Special Edition)
JCT releases Blue Book for tax legislation enacted in the 117th Congress
December 15, 2023
Potential tax accord punted to 2024 as House adjourns for the holiday, Senate poised to follow suit
December 8, 2023
No apparent progress on near-term tax bill as end of legislative session approaches
December 1, 2023
Third-party payment processors and recipients get extra year of relief from stricter information reporting requirements
