expired tax breaks

: TaxVox

Highway Drama Drives Contingency Planning

Still on the Hill: Extenders and highway funding drama. Today, the Senate Finance Committee is expected to mark-up its proposed restoration of expired tax breaks , and the full Senate plans to hold a procedural vote on highway funding legislation. Congress faces increasing pressure to move quickly

July 21, 2015Renu Zaretsky

: TaxVox

Highway Follies: The Never-ending Story

The House has a short-term patch for the Highway Trust Fund… Late Monday night, the House Ways & Means Committee released a plan to cover the Highway Trust Fund with $8.1 billion through mid-December 2015. The patch would use revenue collected by tightening IRS compliance rules. The House could

July 15, 2015Renu Zaretsky

: TaxVox

Six-Year Road Funding, Renewals on Repeat, and Investigations

Highway funding: Will the House GOP play the long game? Ways & Means Chair Paul Ryan wants to pair international tax changes with six-year funding for highways, and he wants it done this year . To buy time to flesh out his plan to use revenue from a one-time tax on foreign profits of US

July 13, 2015Renu Zaretsky

: TaxVox

Tax Fun in the Summertime?

Congress is in recess this week. The Daily Deduction will resume its regular schedule on Monday, February 23. Tax reform’s narrow window, according to House Ways and Means Chair Ryan. “I just think knowing the way the budget process works on tax reform that if we haven't done it in 2015, which is

February 16, 2015Renu Zaretsky

: TaxVox

They Saved the Must-Pass for Last

Congress has adjourned. The Daily Deduction will post on Mondays until the 114th Congress convenes. Expired tax breaks: Renewed for 2014. Last night the Senate passed a $42 billion package of expired tax breaks by a vote of 76-16 . In two weeks' time, the tax breaks will expire. Again. Senate

December 17, 2014Renu Zaretsky

: TaxVox

The Senate Keeps Working...

Still on deck in the Senate: It is expected this week to renew dozens of expired tax breaks, including tax cuts for business research, wind power, and foreign profits. It’s worth remembering that if a $42 billion package like this gets passed every year , the federal deficit could grow by $800

December 16, 2014Renu Zaretsky

: TaxVox

“They Said That They Would Do It and Indeed They Did.”  

“ Oh, what a night …” but no shut down. Ted Cruz and a handful of allies succeeded in delaying the Senate vote on the 2015 budget, but they couldn’t stop it. The $1.1 trillion spending bill was approved late Saturday night by a vote of 56-40 . And three months into the fiscal year, most of the

December 15, 2014Renu Zaretsky

: TaxVox

Everybody’s Working for the Weekend

No shutdown, so far . Democrats hated it because of riders weakening Dodd-Frank financial protections and allowing fat-cats to triple their donations to political parties. Republicans hated it because it didn’t stop President Obama from liberalizing immigration laws. But, in the end, the House

December 12, 2014Renu Zaretsky

: TaxVox

Last Minute, or Second- or Third-to-Last Minute, Deals Before the Holidays

Congress blows yet another budget deadline . After missing its chance to approve a spending bill to keep the government running after Thursday, Congress is now planning to vote this week on a very short-term continuing resolution —one good for just a few days. The measure is designed to keep the

December 10, 2014Renu Zaretsky

: TaxVox

Hits or Misses in Budgets and Courts?

News from the Hill: A compromise $1.1 trillion spending bill is expected to be released today. The House is scheduled to vote on the bill tomorrow and then adjourn for the year. The Senate will likely vote on Thursday, just hours before the December 11 deadline. The package will fund most of the

December 9, 2014Renu Zaretsky