Legislative Activity

Lew Before Taxwriting Committees on Presidents’ Budget Proposal

Following last week’s release of the President’s FY 2015 Budget Proposal, Treasury Secretary Lew appeared before the Senate Finance and House Ways and Means Committees to discuss the Administration’s proposal.

In addition to addressing the Administration’s budget, Members discussed comprehensive tax reform, specifically focusing on making certain tax provisions permanent, education-related provisions, and proposed changes to the Earned Income Tax Credit (EITC), among others.

Camp Indicates Interest in Hearings on Tax Reform Discussion Draft

On February 26, House Ways and Means Committee Chairman Dave Camp (R-MI) released his long-awaited plan for comprehensive tax reform. (The Patton Boggs analysis of the proposal is available here). Since its release, Chairman Camp has indicated an interest in holding hearings on the discussion draft, although no specific time frame has been set.

On the Senate side, Finance Committee Chairman Ron Wyden (D-OR) has kept his immediate focus on tax extenders, rather than comprehensive reform, suggesting that the committee will consider an extenders measure this spring.

This Week’s Hearings:

  • Wednesday, March 12:  The House Judiciary Committee will hold a hearing titled, “Exploring Alternative Solutions to the Internet Sales Tax Issue.”
  • Wednesday, March 12:  The House Budget Committee will hold a hearing on the President’s FY 2015 Budget Proposal. Treasury Secretary Jack Lew will appear before the Committee.
  • Wednesday, March 12: The Senate Banking Committee Subcommittee on Economic Policy will hold a hearing on the retirement security of the middle class.