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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.
June 28, 2024
No new tax policy insights from first presidential debate
Although the first general election debate between President Joe Biden and former President Donald Trump included a segment on the economic issues, there was little sustained discussion of tax policy and neither of the candidates shed any new light on their respective tax platforms.
OECD guidance provides new details on implementing Pillar Two and determining if local implementation is ‘qualified’
The OECD/G20 Inclusive Framework on BEPS published new administrative guidance that addresses the implementation of the Pillar Two global minimum tax rules and provides details of the processes for determining that jurisdictions’ respective plans for local implementation of the Pillar Two rules are “qualified”; meanwhile, Treasury Department officials and a House Republican taxwriter discussed issues around Pillar Two implementation at a recent conference.
IRS has spent 10 percent of available Inflation Reduction Act funds, TIGTA says
A new report from the Treasury Inspector General for Tax Administration shows that the Internal Revenue Service as of March 31 has spent a total of $5.7 billion—roughly 10 percent—of the 10-year mandatory funding allocation available to it under the Inflation Reduction Act of 2022.
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June 21, 2024
CBO ramps up deficit projections in latest budget and economic outlook
June 14, 2024
House appropriators OK pared-down FY 2025 IRS budget proposal without further mandatory funding rescissions
June 7, 2024
House Appropriations panel OKs $2.2 billion IRS budget cut for FY 2025
May 24, 2024
House passes tax package offering relief to disaster victims, but Wyden vows to block quick Senate action
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
