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COVID-19: US Developments – Implementation and Oversight of CARES Act – June 11, 2020

US Treasury Secretary Steven Mnuchin, who has been the lead domestic policy negotiator for President Donald Trump and his administration during the COVID-19 crisis, made clear in testimony Wednesday to congressional lawmakers that the White House believes passage of another major coronavirus response package will be necessary soon, notwithstanding a generally positive national jobs report … Continue Reading

COVID-19: US Developments – Implementation and Oversight of CARES Act – June 10, 2020

The United States has experienced a sharp increase in the number of new reported cases of coronavirus over the past week, but Beltway media coverage and the policy debate in Washington this week are largely centered on the potential for action in both chambers of the US Congress on police reform legislation. Republicans, emboldened by … Continue Reading

EU Public Policy Update Financial Services and Taxation – Selected Developments From First Half of (H1) 2020

The European Commission (i.e. the European Union’s Executive Body) has started a new 5-year political mandate on 1 December 2019 under the leadership of its new President, the German Ursula von der Leyen. Three overarching priorities are woven into the EC policy agenda 2019-2024: (1) sustainability/climate neutrality (under the new European Green Deal), (2) digitalization … Continue Reading

Tariff War Continues – Digital Services Tax Moves Into the Crosshairs of Section 301

The Office of the US Trade Representative (USTR) is requesting comments for newly initiated Section 301 investigations on digital services tax (DST) adopted or under consideration by Austria, Brazil, the Czech Republic, the European Union, India, Indonesia, Italy, Spain, Turkey and the United Kingdom. Comments are due by July 15.  On June 2, USTR announced … Continue Reading

COVID-19: US Developments – Implementation and Oversight of CARES Act – June 3, 2020

Turmoil on America’s streets has become the primary focus of attention for the White House in recent days, marking a pivot away from the around-the-clock pandemic response posture that characterized the Trump Administration’s activity this spring. President Donald Trump and his top advisors are reportedly set to meet in the coming days to begin the … Continue Reading

COVID-19: US & EU Developments, Implementation and Oversight of CARES Act – May 26, 2020

The US House of Representatives returns to Washington this week, but negotiations aimed at forging a bipartisan consensus on the next federal COVID-19 response package are still weeks away. The Memorial Day holiday weekend brought a surge of activity by Americans who have been in lockdown for months and are yearning for a return to … Continue Reading

COVID-19: US Developments, Implementation and Oversight of CARES Act – May 22, 2020

  Speaking at a pre-Memorial Day event hosted by The Hill, US Treasury Secretary Steven Mnuchin said it will be “a few weeks” before the Trump Administration moves to negotiate with Congress on another large-scale coronavirus response bill, while conceding there is “a strong likelihood” such legislation will eventually be needed to support the struggling … Continue Reading

COVID-19: US Developments, Implementation and Oversight of CARES Act – May 21, 2020

The legislative process in the US Congress is beginning to take on a more familiar look as policymakers work to shape the next steps in the federal response to COVID-19 and the resulting economic crisis. The US House of Representatives will be back in session again next week, albeit with temporary proxy voting measures in … Continue Reading

COVID-19: US and EU Developments, Implementation and Oversight of CARES Act – May 20, 2020

The timing and scope of the next steps in the federal legislative response to COVID-19 and the resulting economic crisis remain an open question, as the US’ top monetary policy official declined to take a side Tuesday in the escalating partisan debate over how swiftly the US Congress must deliver additional aid.… Continue Reading

COVID-19: US Developments, Implementation and Oversight of CARES Act – May 19, 2020

The US Senate is in session this week, focusing on oversight of the US$2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act and what Senate Majority Leader Mitch McConnell (R-KY) calls America’s “pivot toward reopening.” Congressional Democrats will launch a national public relations campaign today in hopes of pressuring McConnell to consider the US$3 … Continue Reading

COVID-19: US Developments, Implementation and Oversight of CARES Act – May 18, 2020

The US$3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act passed the US House of Representatives on Friday. The next moves in shaping the future of the federal legislative response to COVID-19 will be up to the White House and congressional Republicans, who control the US Senate and have expressed a desire to … Continue Reading

Retirement Savings Reform – a focus for the Trump Administration and Congress

On August 31, 2018, President Trump issued an Executive Order directing the Department of Labor (DOL) and Treasury Department to take action to “promote retirement security for America’s workers” by, among other things, expanding access to Multiple Employer Plans (MEPs).  Specifically, within 180 days of the issuance of the Executive Order, DOL must “consider…whether to issue a … Continue Reading

Senate Finance Committee Releases Tax Reform Proposals

The November 9 release of the Senate Finance Committee Chairman’s Mark has put into high gear the race to complete once-in-a-generation tax reform. A mere five hours after the House Ways and Means Committee completed a four-day markup and voted its legislation out of Committee along party lines (further discussed here), Senate Republicans released their … Continue Reading

House Republicans Propose Tax Reform Legislation – Will This Become Law?

It’s here! House Republicans have released the legislative text of the most serious effort to reform the US Tax Code since 1986. Republican tax-writers have come a long way from the “Blueprint” and the “Unified Framework” – they have offcially broken ground on sweeping tax reform legislation titled the Tax Cuts and Jobs Act (the Bill). Although they have made … Continue Reading

Treasury Report on Identifying and Reducing Regulatory Burdens

As you will recall, earlier this year, President Trump issued an Executive Order requiring the Department of Treasury to identify regulations issued during the last year of the Obama Administration that would increase burdens on taxpayers and impede economic growth.  After identifying eight such regulations in an interim report released in June, Treasury last week … Continue Reading

Tax-Writers, Treasury Talk Tax Reform

Legislative Activity Pressing Forward with Tax Reform Prior to last week’s Memorial Day recess, both the House Ways & Means and Senate Finance Committees held hearings, which focused on the state of tax reform. First, in their hearings reviewing the President’s FY 2018 Budget Proposal, tax-writers focused on various issues, including: (1) the timing and … Continue Reading

Ways and Means to Hold First Hearing on Tax Reform

Legislative Activity This Week’s Hearings: On Wednesday, May 17, the House Ways and Means Committee has scheduled a hearing titled “Opportunities for Youth and Young Adults to Break the Cycle of Poverty.” The witnesses will be announced. On Thursday, May 18, the House Ways and Means Committee has scheduled a hearing titled “How Tax Reform … Continue Reading

Tax-Writers Huddle Up as Trump Releases Tax Principles

Legislative Activity House Tax-Writers Hold Two-Day Meeting on Tax Reform Today, Monday, May 1, House Ways and Means Committee Republicans will continue their two-day meeting to reach a consensus on tax reform – a task that comes amidst the release of the Trump Administration’s tax reform principles (discussed further below). As senior House tax-writer Devin … Continue Reading

Trump and Treasury Turn to Tax Reform

Legislative Activity How About That Hearing?: The Tax Reform Saga Continues After speculation by some that the House Ways and  Means Committee would hold the first hearing on its tax reform proposal this week, no such hearing was ultimately scheduled. That said, tax-writers are continuing to work to push forward their tax reform efforts. Our … Continue Reading

Brady’s BAT Battle; Trump Takes on Tax Reform

Legislative Activity Brady May Be Open to “Significant Modifications” on BAT as the Trump Administration Takes More Active Role in the Tax Reform Debate As the health care reform debate continues to unfold, congressional tax-writers are preparing to move forward swiftly with their tax reform efforts. Though House Ways and Means Committee Chairman Kevin Brady (R-TX) has … Continue Reading
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