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Elections & Politics Tax

Read need-to-know updates, commentary, and analysis on Elections & Politics issues written by leading professionals.

Proposed Legislation Would Broaden Availability of Charitable Deductions

On October 5, Rep. Mark Walker (R-NC) introduced the Universal Charitable Giving Act of 2017 (H.R. 3988), which would allow individuals who do not itemize their deductions to receive income tax deductions for charitable...more

Ambitious Tax Reform Takes Center Stage

by Akerman LLP on

The Trump Administration and certain members of Congress recently released an ambitious, conceptual plan for tax reform that would drastically alter current U.S. tax law, affecting a wide array of taxpayers. The plan (called...more

Tax relief for victims of Hurricanes Harvey, Irma and Maria

by Dentons on

The US federal government has taken a number of steps to ease the tax burden on individuals and businesses affected by damage from Hurricanes Harvey, Irma and Maria in Texas, Florida, Georgia, Puerto Rico and the US Virgin...more

Treasury Would Overhaul 2016 Regulatory Guidance

by Alston & Bird on

With tax reform on the horizon, Treasury takes aim at three sets of regulations with clear cross-border implications. Our International Tax Group explains the department’s recommendations to scrap much of Section 385 and...more

Infrastructure Insights: Issue #8

President Trump’s $1 trillion infrastructure investment plan will have to wait patiently in line behind tax reform before it gets its day in Congress, according to U.S. Transportation Secretary Elaine Chao. In the meantime,...more

Window on Washington - This Week in the Nation's Capital - Vol. 1, Issue 30

by Clark Hill PLC on

House Passes Bill on Disaster Funding: House Republicans easily passed a supplemental spending bill that included $36.5 billion of disaster aid with a vote of 353-69 after some initial worries on Thursday afternoon that it...more

News from Second & State

Weekly Wrap - With a national holiday on Monday and no session for either chamber, it was a quiet week in the Capitol. There was no movement on any legislation and very little budget talk. However, there is some news you...more

While Neither the Carbonation nor the Sweet Syrup Has Been Removed From Soda Pop in Illinois’ Cook County, the Local Tax Imposed...

by Garvey Schubert Barer on

In November 2016, the Board of Commissioners of Cook County, Illinois, passed (by a slim margin of one vote) the Sweetened Beverage Tax Ordinance (“Soda Tax”). It imposed a tax at the rate of one-cent-per-ounce for all...more

New California Law Imposes Additional Disclosure Requirements for Local Government Bonds

Local government issuers of bonds and any conduit borrowers of the proceeds of such bonds need to be aware of California Senate Bill 450 (Hertzberg), signed into law by the Governor on October 9, 2017....more

Section 2704 Regulations to be Withdrawn

by Williams Mullen on

On August 2, 2016, the Treasury Department issued proposed regulations under Internal Revenue Code Section 2704. The proposed regulations, through a web of dense rules and definitions, would have narrowed longstanding...more

Congressional Republicans and White House Release Outline of Tax Reform Proposal

by Baker Donelson on

On September 27, the White House and its allies on Capitol Hill released the outline of their long-promised tax reform proposal. Generally, the outline seeks to create three individual income tax rates (12, 25, and 35...more

U.S. Tax Reform Proposal Highlights Potential Sweeping Changes

by Jones Day on

The Situation: The Trump Administration, in collaboration with the House and Senate, has introduced a Framework for tax reform legislation that could bring sweeping changes to U.S. tax laws....more

Framework for Tax Reform Released

by Williams Mullen on

On September 27, 2017, the Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance released a unified framework (the Framework) with the stated goal of achieving pro-American,...more

Beltway Buzz - October, 2017

Tax Reform Gets Under Way; Special Interest Groups Already Bustling.As soon as the Republican-controlled Congress cast aside (however momentarily) its attempts to repeal the Affordable Care Act (ACA) to focus on tax reform,...more

What’s New in Washington: 10 Things You Need to Know

Congress returned after Labor Day for a busy September and acted quickly to avoid a government shutdown by passing stop gap funding for Fiscal Year (FY) 2018 and raising the debt ceiling. The already crowded congressional...more

Window On Washington - This Week in the Nation's Capital - Issue 29

by Clark Hill PLC on

Hurricane Supplemental Includes $29B for Disaster Aid and Flood Insurance: Of the $29B, the National Flood Insurance Program will receive $16B to pay flood claims. The House plans to pass the bill next week and the Senate the...more

Hurricane Disaster Relief

by Kelley Drye & Warren LLP on

President Signs Bill Granting Hurricane Disaster Relief - In the wake of the devastation caused by Hurricanes Harvey, Irma and Maria, President Trump recently signed the Disaster Tax Relief and Airport and Airway Extension...more

Nate Smithson Provides an Update on Tax Reform

by Jackson Walker on

Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform which reflects President Trump’s new tax plan. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax...more

News from Second & State

Weekly Wrap - This week brought another false start to the now four-month overdue state budget. All signs pointed toward “go” last week; the Senate even scheduled additional session days to come to Harrisburg and finally...more

Tax Reform Update: A Call for Committee Action

by McNair Law Firm, P.A. on

On September 27, 2017, the Secretary of the Treasury, the Director of the National Economic Council, the Chair of the U.S. House Ways and Means Committee, the Chair of the U.S. Senate Finance Committee, the Speaker of the...more

Republicans Announce Tax Reform Framework, Which Includes Repealing Estate Tax

After months of speculation, President Trump and the Republicans have announced their framework for tax reform. While specific details are not known, the key elements of the framework include...more

Ding, Dong, the Witch is Dead

by Charles (Chuck) Rubin on

--Here lies the remains of the Code §2704 Proposed Regulations. RIP, 2016-2017-- As part of President Trump’s mandated review of federal regulations, the Secretary of Treasury has issued a report specifically recommending...more

The Republican Tax Reform Framework: What It Says and What It Doesn’t

by Alston & Bird on

Tax reform is coming, and Republican leaders have published a framework that raises as many questions as it answers. Our Tax Policy & Regulation Team investigates what the Big Six reveal and—just as important—what they don’t....more

The White House Framework for Tax Legislation

On September 27, the White House released a document called the “Unified Framework for Fixing Our Broken Tax Code,” containing an outline prepared by the administration plus the senior Republican members of the tax-writing...more

Tax Changes On the Horizon: What To Expect In Federal Estate, Gift And Generation-Skipping Transfer Taxes

by Fox Rothschild LLP on

Since July 2016, there have only been incremental changes to the federal estate, gift and generation-skipping transfer taxes and related income tax rules, and to the Washington estate tax rules....more

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