All articles tagged with #senate finance committee
The Senate Finance Committee may omit details of the SALT deduction from the upcoming GOP megabill to facilitate negotiations, while discussions continue on border security funding and other legislative priorities, amid intra-party debates and strategic negotiations.
Senate Republicans, led by Mike Crapo, plan to make major business tax provisions permanent in their bill, while scaling back the SALT deduction and potentially altering Medicaid provisions, with ongoing negotiations and concerns from House Republicans and the White House.
Senate Finance Committee Chair Mike Crapo announced that key business tax incentives will be made permanent in the GOP's bill, while plans to scale back the SALT deduction are underway, signaling significant changes to the tax legislation as Republicans aim to finalize the bill.
Senate Republicans, led by Mike Crapo, plan to make major business tax provisions permanent and consider altering the SALT deduction cap, with ongoing negotiations and discussions with President Trump and House Republicans, potentially impacting the bill's final form.
Senate Finance Committee Chair Mike Crapo announced that three major business tax provisions will be made permanent in the GOP's upcoming bill, with some tradeoffs including scaling back the SALT deduction, as GOP leaders aim to finalize the bill amid political negotiations and potential changes to Medicaid provisions.
The Senate Finance Committee is intensifying negotiations on the GOP megabill, with key meetings at the White House to discuss tax components, while House GOP plans to pass a $9.4 billion spending rescission package, amidst political debates and upcoming special elections. Meanwhile, Democrats are vying for leadership positions and responding to internal and external challenges.
The House Ethics Committee's meeting on the investigation into Rep. Matt Gaetz has been postponed, not canceled, according to the committee chair. Meanwhile, Robert F. Kennedy Jr., nominated by President-elect Donald Trump for HHS Secretary, faces potential challenges in the Senate Finance Committee. While some Republicans express support for Kennedy's focus on health issues, others remain skeptical, and his controversial views on vaccines and public health may complicate his confirmation.
Senator Mike Crapo, a cautious and detail-oriented Republican from Idaho, is set to lead the Senate Finance Committee, partnering with Donald Trump on tax policy. Crapo's approach contrasts with Trump's, as he focuses on consensus within the GOP and is skeptical of Trump's tariff proposals. The upcoming expiration of the 2017 Tax Cuts and Jobs Act will be a major focus, with Crapo advocating for extending tax cuts without offsetting savings, potentially clashing with House Republicans concerned about the deficit.
With Donald Trump set to return to the presidency, Senator Mike Crapo, a cautious and detail-oriented Republican from Idaho, will lead the Senate Finance Committee in addressing the expiration of $4 trillion in tax cuts. Crapo, known for his consensus-seeking approach, will face challenges in navigating the extension of the 2017 Tax Cuts and Jobs Act, balancing Trump's tax-cut proposals, and managing potential conflicts with House Republicans over deficit concerns and tariff policies.
Senator Mike Crapo, a cautious and detail-oriented Republican from Idaho, is set to lead the Senate Finance Committee and partner with Donald Trump on tax policy, despite their contrasting styles. Crapo will play a crucial role in navigating the extension of the 2017 Tax Cuts and Jobs Act, which is set to expire in 2025, and managing Trump's new tax proposals. Known for his consensus-seeking approach, Crapo faces challenges in balancing GOP priorities with fiscal concerns, especially regarding Trump's tariff plans and the government's deficit.
Treasury Secretary Janet Yellen defended President Biden's 2025 fiscal budget proposal during a Senate Finance Committee hearing, assuring Republican senators that taxes would not rise for those earning less than $400,000. The debate centered around the expiration of provisions from the Tax Cuts and Jobs Act, including the child tax credit, with Yellen emphasizing Biden's commitment to not raising taxes on households making under $400,000 and the importance of the Child Tax Credit in reducing child poverty. Biden's $7.3 trillion spending proposal aims to reduce the federal deficit by $3 trillion without increasing taxes on Americans earning less than $400,000, while House Republicans seek to pare down the deficit with cuts to the Inflation Reduction Act.
Sen. Ron Wyden criticized former Treasury Secretary Steven Mnuchin's bid to buy TikTok, citing concerns about his ties to money from the Middle East, particularly from Saudi Arabia and other Gulf states. Mnuchin's effort to assemble a group of investors to buy the platform comes after the House passed a bill forcing its sale within six months. Wyden expressed concerns about potential national security risks if the next owner of TikTok has ties to Saudi Arabia, and raised questions about Mnuchin's fundraising activities during his time in government.
The Biden administration's top health official, HHS Secretary Xavier Becerra, defended the recommendation to reschedule marijuana from Schedule I to Schedule III under the Controlled Substances Act, against criticism from GOP Senator John Cornyn. Becerra emphasized the scientific evidence and the actions of many states in moving ahead of the federal government on cannabis. The final decision now rests with the DEA, and it's unclear when they will announce it. Meanwhile, Biden has issued pardons for federal marijuana possession offenses and faces calls to grant clemency to all Americans currently in federal prison over non-violent cannabis convictions.
The House passed a bipartisan tax bill that would expand the child tax credit and reinstate some tax cuts for businesses, facing challenges in the Senate where Republicans are demanding additional hurdles. The bill would raise the child tax credit to $1,800 per child in 2023, $1,900 in 2024, and $2,000 in 2025, while also providing tax benefits for natural disaster victims and strengthening the low-income housing tax credit. However, ultraconservative lawmakers opposed the bill over the expanded child tax credit, while progressive lawmakers criticized it for not going far enough to expand the tax credit and unduly benefiting companies.
The chief tax writers in Congress have reached a deal to temporarily expand the Child Tax Credit and undo restrictions on popular business tax breaks, with the roughly $80 billion package also including subsidies for affordable housing and disaster assistance. The plan would be paid for by cracking down on the troubled Employee Retention Credit and could potentially be attached to must-pass budget legislation or passed as a standalone measure. The agreement represents a significant victory for Democrats and would cost roughly $35 billion over three years, largely benefiting lower-income individuals.