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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 10, 2024
Senate passes five-year FAA reauthorization measure; House expected to follow suit next week
The Senate cleared a bipartisan, bicameral legislative package that would reauthorize the Federal Aviation Administration and the related excise taxes that help fund its operations through September 30, 2028, along with a separate, one-week extension that will keep the agency operating through May 17, giving the House additional time to consider the measure; but lawmakers passed the broader bill without considering a single amendment, thus foreclosing an opportunity for Finance Committee Chairman Ron Wyden to attach the bipartisan tax-relief package he introduced earlier this year with House Ways and Means Committee Chairman Jason Smith.
Updated CBO estimate pegs 10-year cost of TCJA extensions at $4.6 trillion
In a development that ramped up a debate among congressional taxwriters and foreshadows the tough decisions facing lawmakers next year, the nonpartisan Congressional Budget Office estimated in a new report that the 10-year cost of permanently extending all the temporary provisions in the Tax Cuts and Jobs Act that are scheduled to expire at the end of 2025 would be $4.6 trillion, up $1.1 trillion from projections the agency issued in 2023.
House appropriators grill Werfel on IRS request for additional mandatory funding
Internal Revenue Service Commissioner Daniel Werfel faced questions from a sometimes skeptical contingent of Republicans and a more receptive audience of Democrats as he defended the Biden administration’s fiscal year 2025 budget request for the agency—including an extension of the 10-year mandatory funding stream enacted in the Inflation Reduction Act of 2022—during a hearing before the House Appropriations Financial Services and General Government Subcommittee.
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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
