President Donald Trump’s pick to lead the IRS, longtime tax lawyer Charles Rettig, breezed through his confirmation hearing Thursday with the Senate Finance Committee.
Senators on both sides mostly questioned Rettig about his views on tax administration issues, including the agency’s work to implement the new tax law. Rettig, who is currently with the Beverly Hills-based firm Hochman, Salkin, Rettig, Toscher & Perez, PC, largely escaped the sort of grilling that many of Trump’s nominees for high-level posts have faced in the past.
After much sound and fury, President Donald Trump’s push to cut nearly $15 billion in unspent funds sitting in federal coffers ended with a whimper last week.
The House-passed rescissions plan was unceremoniously scuttled in the Senate on Wednesday when Republican Sen. Richard M. Burr of North Carolina cast the decisive vote against a discharge petition to advance the measure. With a 45-day clock expiring Friday — and senators long gone for the weekend — Republicans could no longer take advantage of filibuster protections under the 1974 budget law to advance the measure with a simple majority in the Senate.
A nearly $15 billion package of spending cuts is now in the Senate’s court after the House late Thursday voted 210-206 to pass the “rescissions” measure.
Most Republicans voted to narrowly put the cuts package over the top, though there were 19 GOP defections. Democrats voted unanimously against the measure.
Mark Prater, a fixture in GOP tax policymaking on Capitol Hill, is leaving his post as chief tax counsel for the Senate Finance Committee.
“Mark has played a vital role in every major tax debate in the last quarter century,” Finance Chairman Orrin G. Hatch announced Tuesday in a statement, noting Prater’s work on last year’s tax code overhaul, the Bush-era tax cuts and more. He joined the Finance Committee in January 1990. Tuesday was his last day with the panel.
Congressional auditors delivered some good news for the White House and House GOP leaders on Tuesday, saying in a report that President Donald Trump’s $15.2 billion spending cuts proposal mostly meets tests laid out in the 1974 statute establishing the “rescissions” process — even as leaders decided to put off consideration of the package until next month.
The Government Accountability Office found that two Transportation Department accounts slated for $134 million in cuts can’t legally be “impounded,” or blocked by the administration during the initial 45-day period after submission of the requests to Congress. The rest of the cuts, including rescissions from mandatory spending accounts like the Children’s Health Insurance Program, are allowed to go forward under the 1974 law establishing the modern rescissions process, according to the GAO.
One way or another, the Energy Department’s direct loan program for fuel-efficient car manufacturers looks destined for the chopping block.
Once viewed as a lifeline for Detroit’s “Big Three” manufacturers facing economic headwinds even before the onset of the Great Recession, the program is now little more than a kitty of untapped funds appropriated a decade ago. The last major Advanced Technology Vehicles Manufacturing program loan was approved conditionally in 2015, but Arconic Inc., whose former parent Alcoa secured the loan to produce lightweight vehicle materials at its Tennessee plant, turned the money down last year.
Now that President Donald Trump and Republicans in Congress have redesigned the tax code, niche markets from bitcoin buyers to kombucha makers and cannabis businesses are seeking their turn at the tax cut trough.
Producers of kombucha, a fermented tea drink growing in popularity with millennials, yogis and more, want lawmakers to ensure they’re free from alcohol excise taxes. Marijuana dispensaries are aiming to ease restrictions blocking them from claiming the same tax breaks as other small businesses. And amid a growing cryptocurrency craze, advocates are seeking to exempt transactions of bitcoin and other virtual currencies from strict IRS reporting requirements.
The House will vote next week on a balanced-budget amendment authored by Judiciary Chairman Robert W. Goodlatte, GOP aides said Thursday.
The measure would bar Congress from spending more than the government takes in each year, unless three-fifths of each chamber voted to allow excess outlays. It would also require a three-fifths majority to raise the debt limit, a high bar for one of the most unpopular votes lawmakers take every few years.
Lawmakers on Wednesday unveiled a $1.3 trillion omnibus package that would erase years of budget cuts and fund some of Republicans’ and Democrats’ top priorities.
The fiscal 2018 measure delivers on two of President Donald Trump’s biggest goals: a massive increase in military spending and new funds for border security and immigration enforcement. The omnibus would provide $700 billion for the Pentagon in all, or 10 percent more than the prior year, and close to $1.6 billion to bolster enforcement on the U.S.-Mexico border, including construction of 33 miles of new fencing — though aides said funds for a “concrete wall” were not included.
CQ appropriation reporters Kellie Mejdrich and Ryan McCrimmon explain how a committee chairmanship can pay off in more ways than one and why Republicans are once again talking about another round of tax cuts.
With half of fiscal year 2018 already behind them, lawmakers are struggling with a catch-all spending bill to fund the rest of the year, but controversial issues popping up — from gun control legislation to the border wall — could cripple talks, says CQ budget and appropriations reporter Ryan McCrimmon.
A swath of sticky policy debates could entangle an upcoming final spending package for fiscal 2018, as lawmakers aim to attach their pet policy “riders” to the must-pass bill.
Negotiators are aiming to complete work on the massive $1.2 trillion bill and pass it before March 23, when the fifth stopgap funding measure of the fiscal year, which began Oct. 1, expires. Before they do, they’ll need a deal on which policy issues, from guns and immigration to Russia’s election meddling, will ride alongside the spending package.
CQ budget and appropriations reporter Ryan McCrimmon previews what lawmakers are likely to include in a catch-all fiscal 2018 spending bill and the issues that could spark controversy.
President Donald Trump on Monday unveiled his annual fiscal 2019 budget request, a $4.4 trillion blueprint that does not balance after 10 years while calling for a major military buildup and assuming lower savings from economic growth than in last year’s iteration.
The tax and spending plan aims to trim $3.6 trillion from annual deficits over the next 10 years through program cuts and associated savings on debt service payments, while bringing in an extra $813 billion in revenue from economic growth.
President Donald Trump on Thursday announced he will nominate longtime tax lawyer Charles Rettig to be the next commissioner of the Internal Revenue Service.
Rettig, if confirmed by the Senate, would take over at a critical time for the agency tasked with implementing the most sweeping tax code overhaul in decades. He’s currently with the Beverly Hills, California-based firm Hochman, Salkin, Rettig, Toscher & Perez, PC, and is a vice-chairman for the taxation body of the American Bar Association.
At least two colleges in Senate Majority Leader Mitch McConnell’s home state of Kentucky would come out winners under the sweeping budget accord unveiled Wednesday.
For starters, the budget legislation would amend the brand new tax code overhaul to help out Kentucky’s Berea College, which would otherwise be subject to a new 1.4 percent tax on private college and university endowments. GOP leaders’ intent had been to exempt Berea and others that provide free tuition, but they ran into a sticky procedural thicket in the Senate that cost the Kentucky school in the final bill.
With tax filing season getting underway this week, certain industries and taxpayers are still waiting for Congress to act on a slate of expired tax breaks, left out of last year’s sweeping tax code overhaul and now mired in a sticky debate over spending and immigration.
The result is that affected stakeholders, ranging from homeowners upside down on their mortgages to biodiesel fuel producers, can’t fully share in the $1.5 trillion tax cut’s largesse touted by President Donald Trump in Tuesday night’s State of the Union address as “tremendous relief for the middle class and small businesses.”
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