On Tuesday afternoon, May 13, the Ways and Means Committee (“Committee”) started its markup of the tax title for the FY2025 budget reconciliation bill. The Committee favorably reported the bill on Wednesday morning, May 14,...more
On Friday, March 14, 2025, the Senate advanced the Full-Year Continuing Appropriations and Extensions Act, 2025 (H.R. 1968), a continuing resolution (CR) that funds the federal government until Sept. 30, 2025. The House...more
On Monday, Jan. 27, President Donald Trump’s Office of Management and Budget (OMB) issued a memorandum (“memo”) directing all federal departments and agencies to “temporarily pause all activities related to obligation or...more
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
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
On Jan. 19, 2023, the United States government reached its $31.4 trillion borrowing limit, which was signed into law (P.L. 117-73) by President Joe Biden on Dec. 16, 2021. Last week, Treasury Secretary Janet Yellen wrote to...more
On Dec. 20, the Senate Appropriations Committee released the text of the $1.7 trillion fiscal year (FY) 2023 omnibus appropriations bill. The package includes $858 billion in defense spending, a $76 billion or approximately...more
The Senate Appropriations Committee released the contents of a bipartisan $1.7 trillion omnibus package for fiscal year (FY) 2023 early on Dec. 20. Topline funding levels were agreed to last week as part of a deal to pass a...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
On Thursday, March 10, the Senate voted 68-31 to pass the $1.5 trillion FY 2022 omnibus spending bill after months of negotiations. The package, which was passed by the House with strong bipartisan support on Wednesday night,...more
President Joe Biden delivered his first State of the Union (SOTU) address last night against the backdrop of war in Europe, persistently high inflation, a waning global pandemic and a deeply divided Congress. The scene was a...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 Wednesday morning, the Senate adopted a $3.5 trillion Budget resolution along party lines, 50-49. The resolution contains topline budget instructions for House and Senate committees to develop policies for the $3.5...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