On Monday, March 11, President Joe Biden released his budget request to Congress (“Budget”) and various accompanying documents. Separately, the Treasury Department released its General Explanations of the Administration’s...more
Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion...more
President Joe Biden delivered his third State of the Union address on March 7, emphasizing the tax-policy priorities that will continue to take center stage in his ongoing presidential campaign. Similar to last year’s...more
Senators Renew Efforts to Reverse R&D Tax Modification. Last Friday, a bipartisan coalition of 12 senators introduced the American Innovation and Jobs Act to increase incentives for businesses that invest in domestic research...more
On Thursday, March 9, President Joe Biden released his $6.9 trillion Budget and various accompanying documents. Separately, the Treasury Department released its Green Book, which provides more detailed descriptions of the tax...more
Earlier today, the White House released its fiscal year (FY) 2024 budget request to Congress. Overall, it proposes $6.9 trillion in total spending, including a proposed $880 billion for defense and approximately $992 billion...more
LEGISLATIVE LOWDOWN -
Recess Recap: What happened over the last month in the world of tax?
Congress Considers Options to Delay Impending Shutdown. With Congress unable to reach a consensus on appropriations bills for...more
10/24/2022
/ Biden Administration ,
Corporate Taxes ,
Data Security ,
Department of Homeland Security (DHS) ,
Federal Budget ,
Government Shutdown ,
Income Taxes ,
Inflation Reduction Act (IRA) ,
IRS ,
Student Loans ,
Tax Planning
The White House released its fiscal year (FY) 2023 budget request on Monday. Overall, it proposes $5.8 trillion in total spending, including a proposed $813 billion for defense and about $769 billion in non-defense...more
Tax Tidbit -
Budget Reconciliation: By the Numbers. Since 1980, Congress has passed 26 budget reconciliation bills, 22 of which have become law. During 11 of those 41 years, Congress did not pass any budget reconciliation...more
2/2/2022
/ Biden Administration ,
Budget Reconciliation ,
Business Taxes ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Budget ,
Income Taxes ,
Infrastructure ,
IRS ,
Legislative Agendas ,
Proposed Legislation ,
Tax Reform ,
U.S. Treasury
After negotiating for months with the White House and congressional Democratic leaders, Sen. Joe Manchin (D-WV) on Sunday announced he would not vote for the Build Back Better Act (BBBA)—the $2.4 trillion reconciliation...more
Tax Tidbit -
Bipartisan Infrastructure Bill Becomes Law. On Monday, President Joe Biden signed into law the Infrastructure Investment and Jobs Act, which contains $1.2 trillion in funding for traditional infrastructure...more
The Brownstein Tax Policy Team is currently combing through the 1,600-plus pages of budget reconciliation text released last week. Below is a truncated version of Taxation & Representation that provides the latest on the...more
The House and Senate will reconvene Monday at 6:30 p.m. and 3 p.m., respectively -
What to Watch -
Last week, congressional Democrats released 1,684 pages of legislative text mirroring portions of the budget...more
On Nov. 3, the House Rules Committee released updated text for the Build Back Better Act, the budget reconciliation bill, which contains President Joe Biden’s human infrastructure and green energy priorities. This latest...more
On Monday, Aug. 9, Senate Democrats released the text and supporting materials for the fiscal year (FY) 2022 Budget resolution, which contains topline budgetary instructions for House and Senate committees as they develop...more
On June 24, President Joe Biden announced his support for a bipartisan infrastructure framework that would invest $1.2 trillion over eight years. The framework, a slightly modified version of the one released on June 17,...more
A group of 10 Republican and 10 Democratic senators (the “G20”) released their bipartisan framework on June 16, nearly a week after announcing they had reached an agreement. The framework details $579 billion in new spending...more
On Friday, May 28, the Biden administration released its fiscal year (FY) 2022 budget request (“Budget”) and the following accompanying documents.
- Fact Sheet. Six-page summary of various proposals in the Budget.
-...more
Senate Republicans released a second infrastructure counterproposal this morning. The eight-year $928 billion “Republican Roadmap” includes $360 billion more funding than the party’s April 22 proposal, with increases in every...more
WHAT TO WATCH THIS WEEK -
- Republican Counterproposal. Senate Republicans are crafting a counter-proposal as an alternative to President Joe Biden’s American Jobs Plan (AJP). The package is expected to cost around $600 to...more
5/5/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Department of Transportation (DOT) ,
Federal Budget ,
Infrastructure ,
New Legislation ,
Popular ,
Relief Measures ,
Tax Credits
WHAT TO WATCH THIS WEEK -
- White House Selling AJP. As the administration seeks to gain bipartisan support for its American Jobs Plan (AJP), President Joe Biden will be holding a series of meetings with lawmakers to discuss...more
5/5/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Department of Transportation (DOT) ,
Federal Budget ,
Infrastructure ,
New Legislation ,
Popular ,
Relief Measures ,
Tax Credits
WHAT TO WATCH THIS WEEK -
- Administration Proposal. President Joe Biden will travel to Pittsburgh, Pennsylvania, on March 31, where he will unveil the contours of the infrastructure package. Biden Preliminary Budget...more
Note: Congress recently voted on a $1.9 trillion COVID-19 stimulus package—the American Rescue Plan Act (ARPA, P.L.117-2). It includes stimulus checks for individuals, expanded unemployment benefits, and funding for vaccines,...more
4/14/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Carbon Taxes ,
Clean Energy ,
Coronavirus/COVID-19 ,
Energy Storage ,
Federal Budget ,
Popular ,
Relief Measures ,
Tax Credits ,
Wind Farm
Just past midnight on Dec. 17, lawmakers released an amendment to one of two spending bills released on Dec. 16—H.R. 1865—the Further Consolidated Appropriations Act of 2020. Most notably, the amendment included an extension...more
12/18/2019
/ Adjusted Gross Income ,
Affordable Care Act ,
Economic Growth ,
Excise Tax ,
Federal Budget ,
Federal Funding ,
Green Finance ,
Income Taxes ,
Legislative Agendas ,
Natural Disasters ,
Oil & Gas ,
Popular ,
Renewable Energy ,
Retirement Plan ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Extenders ,
Tax Relief
TAX TIDBIT -
Five Takeaways and a Falsehood: Test Your Knowledge of the Ways and Means Tax Markup -
On Thursday, the House Ways and Means Committee marked up and approved the following four bills, largely along...more
7/3/2019
/ Congressional Intent ,
Cybersecurity ,
Double Taxation ,
Federal Budget ,
Income Taxes ,
International Tax Issues ,
IRS ,
Legislative Agendas ,
Opportunity Zones ,
Popular ,
SALT ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
Tax Extenders ,
Tax Reform ,
Trump Administration ,
Veterans