Tag Archives: Income tax in the United States

Senate Finance Committee Aims to Markup Highway Funding Bill

Legislative Activity Senate Finance Committee Aims to Markup Highway Funding Bill While not yet noticed, the Senate Finance Committee is expected to markup a short-term highway funding bill before the week-long July 4 holiday recess; however, it is possible that the markup will slip until Congress returns the week of July 7. While disagreements remain … Continue Reading

Senate Finance Committee Outlines Path Forward on Tax Reform

Legislative Activity Senate Finance Committee Outlines Path Forward on Tax Reform On June 5, Senate Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member Orrin Hatch (R-UT) announced the Committee’s next steps with regard to comprehensive tax reform. As part of its efforts, the Committee will hold three hearings during June and July focused on: … Continue Reading

Ways and Means Marks Up Six More Tax Bills, Expected to Continue Work on Extenders Through Summer

Legislative Activity Ways and Means Marks Up Six More Tax Bills, Expected to Continue Work on Extenders Through Summer On May 29, the House Ways and Means Committee held a markup of six bills (four extenders and two new provisions) seeking to make the following tax provisions permanent: (1) conservation contributions; (2) IRA distributions; (3) … Continue Reading

Baucus Releases Second Proposal on Tax Administration

Tax Legislative Activity Baucus Releases Second Proposal on Tax Administration On Wednesday, November 20, Senate Finance Committee Chairman Max Baucus (D-MT) released the second in his series of staff discussion drafts to reform the nation’s tax code, this one on tax administration. In making the case for reforming the rules regarding tax administration, Chairman Baucus … Continue Reading

Lawmakers Consider Tax Provisions in Debt Ceiling and Government Funding Debates

Legislative Activity Lawmakers Consider Tax Provisions in Debt Ceiling and Government Funding Debates With both the debt ceiling and government funding deadlines coming quickly, House Republicans and some House Democrats have joined together to attach a repeal of the 2.3 percent medical device tax to the government funding legislation. (Separately, and almost on a party-line … Continue Reading

Senate Majority Leader Reid: Tax Reform Must Raise at Least $975 Billion

Legislative Activity Senators Submit Tax Reform Letters to Finance Committee; Promised 50 Year Secrecy on Tax Expenditure Submissions Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) asked their Senate colleagues on June 27 to provide proposals in response to a “blank-slate” approach (i.e., assuming elimination of all tax expenditures from … Continue Reading

Senate Tax Writing Committee Continues Meetings on Reform

Legislative Activity Senate Tax Writing Committee Continues Meetings on Reform The Senate Finance Committee has continued its series of closed-door Committee meetings on tax reform, recently issuing its tenth and final option paper on non-income tax issues and related reforms. A list of all the option papers published is available here. Senate Finance Committee Chairman … Continue Reading

Congress’ Continued Review of IRS Developments

Legislative Activity Tax Writing Committee Meetings Continue The Senate Finance Committee has continued their series of closed-door Committee meetings on tax reform, recently issuing their latest Option Paper last Thursday, June 6 – this one on Types of Income and Business Entities. The closed-door meetings have facilitated discussion among Senators in an attempt to find … Continue Reading
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