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The House took a major step forward, put their differences aside and passed the Senate-passed budget resolution, paving the way for tax reform to proceed under the reconciliation process. Under reconciliation, only 51 votes are needed rather than 60 for passage in the Senate. Vice President Mike Pence cast the tie-breaking vote in the Senate for a House-passed measure that would overturn a Consumer Financial Protection Bureau arbitration rule designed to make it easier for groups of consumers to sue financial institutions.
The House is preparing its roll out of tax reform, scheduled for Wednesday. In addition, the House is expected to consider legislation to extend funding for the Children’s Health Insurance Program (CHIP), which provides low-cost insurance for about nine million children. As well as a bill to repeal the Affordable Care Act’s Independent Payment Advisory Board (IPAB), which is tasked with coming up with ways to cut Medicare spending. The Senate is concentrating on judicial appointments this week. President Trump is expected to announce his pick for the next leader of the U.S. central bank sometime this week. Current Fed Chairwoman Janet Yellen whose term expires in February is in the running, as is Fed Governor Jerome Powell and Stanford University economics professor John Taylor.
What’s in and what’s out? That’s the million-dollar question this week in Washington. While the budget nearly failed to pass last week due specifically to Republicans from New York and New Jersey’s opposition over State and Local Tax (SALT) deduction, just this morning House leadership has announced that the deduction will remain in some form. Also this weekend, home builders, specifically the NAHB, have come out in opposition to the draft if it does not include a credit for homeownership.
Make no mistake, changes are occurring in the draft because rank-and-file members find provisions in the bill that they can’t support, because they are hearing from their constituents back home. This is the value of Legislative Fly-in’s and hosting your local elected officials at your locations to cultivate that relationship and to call on them, using your voice, experience and expertise.
Sincerely,
Dan Hilton
Director of Government Affairs
American Supply Association
1875 Eye Street, NW
Washington, DC 20006
(703) 328-5234 · dhilton@asa.net ·
www.asa.net
The Hill
One of the worst-kept secrets in Washington is that some blue-state members of Congress are squeamish about eliminating the state and local tax (SALT) deduction.
Perhaps hoping to capitalize on this uncertainty, the U.S. Conference of Mayors released a report on the impact of the elimination of the SALT deduction on taxpayers.
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Politico
House tax writers' decision to allow an itemized deduction for state and local property taxes in their reform plan could be a step toward quelling a revolt against the plan by Republican lawmakers from high-tax states. Ways and Means Chairman Kevin Brady announced the change on Saturday, an apparent concession in a hard-fought battle that led 20 House GOP lawmakers to vote against the budget bill — the vehicle for a tax overhaul — last week.
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The Hill
The GOP's tax plan would cause revenue to drop between $2.4 trillion and $2.5 trillion over the course of a decade, even after economic growth is taken into account, according to an analysis from the Urban-Brookings Tax Policy Center.
The Tax Policy Center's initial September analysis of the plan drew fire from some conservatives for not including the effects of economic growth on revenues.
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Roll Call
Certainty is a word Republicans used repeatedly in 2015 to make the case for permanently renewing dozens of temporary tax incentives known as extenders.
Now, that term has all but disappeared from the GOP vernacular as the party seeks to overhaul the tax code for the first time since 1986. When the House Ways and Means Committee releases its tax bill Wednesday, it will include some temporary provisions that could effectively create a new batch of tax extenders that may or may not be made permanent in the future.
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