Tax

Tax deal in hand, spending package grows in size
Targets expiring tax breaks for biodiesel, distilleries, racehorses and butane

After Senate Finance Chairman Charles E. Grassley, R-Iowa, tweeted his displeasure over the weekend about talks possibly being “detrimental to farmers,” prospects for renewal of the lapsed biodiesel tax credit perked up. (Tom Williams/CQ Roll Call file photo)

A deal on tax extenders reached late Monday by top Capitol Hill and White House officials would renew most expired or expiring tax provisions through 2020, with a longer extension for lapsed biodiesel and short-line railroad maintenance credits through 2022.

Adoption of the rule for floor debate on an eight-bill spending package set for floor consideration Tuesday will incorporate the tax package, which will also carry disaster aid provisions and a couple of fixes to the 2017 tax law.

House panel to take up $10B vaping tax Wednesday
Measure would offset the cost of health care-related tax break proposals

Rep. Tom Suozzi, D-N.Y., cited statistics from the Centers for Disease Control and Prevention showing 1,479 cases of lung illness and 33 deaths stemming from vaping and e-cigarette usage. (Tom Williams/CQ Roll Call file photo)

Legislation that would impose the first federal tax on vaping products is slated for a House Ways and Means Committee vote Wednesday, along with several other health care-related tax measures.

The bipartisan bill, from New York Reps. Tom Suozzi, a Democrat, and Republican Peter T. King, would tax “any nicotine which has been extracted, concentrated or synthesized” at the same rate cigarettes are currently taxed, or the equivalent of $50.33 per 1,810 milligrams of nicotine.

Divided Democrats may forgo a budget resolution
CQ Budget Podcast, Episode 105

Democrats in the House may stall on a next step for President Donald Trump's 2020 budget proposal. (Bill Clark/CQ Roll Call file photo)

The House Budget Committee may punt on a fiscal 2020 budget resolution to avoid exposing Democratic caucus fissures over tax and spending policy. But an effort to reach a deal to raise spending limits for the coming fiscal year could prove just as dicey, as Lindsey McPherson explains.

Do Debt and Deficits Matter? It Depends on Who's Minding U.S. Fiscal Policy: Podcast
CQ on Congress, Episode 116

Chairman Kevin Brady, R-Texas, sits in front of books of the U.S. tax code, during a House Ways and Means Committee markup of the Republicans' tax reform plan in November. (Tom Williams/CQ Roll Call file photo)

The Congressional Budget Office recently revised its earlier, already dire warning that the national debt will be 150 percent larger than the entire U.S. economy within 30 years — and GOP budget and tax proposals could make a bad situation much worse.

CQ News editors Patrick B. Pexton and Pete Cohn discuss the political landscape of debt and deficits heading into what could be a fateful midterm election.

Senate Tax Positions Prevail in Conference, House GOP Doesn’t Care
Concerns muted amid political imperative to achieve a legislative victory

Senate Finance Chairman Orrin G. Hatch, R-Utah, left, and House Ways and Means Chairman Kevin Brady, R-Texas, led negotiations on the GOP tax overhaul conference committee. (Tom Williams/CQ Roll Call)

The tax overhaul conference report looks a lot like the Senate bill. Senate negotiators prevailed on most of the major issues — and House Republicans say they’re fine with that.

House Republicans interviewed for this story said they will support the final product despite it being very different from the one they voted on in November, with reasons ranging from specific provisions they championed to the overall benefits of the sweeping package.

Podcast: Trip Wires Await the GOP Tax Proposals
The Week Ahead, Episode 79

From left, Sen. Debbie Stabenow, D-Mich., ranking member Sen. Ron Wyden, D-Ore., chairman Sen. Orrin Hatch, R-Utah, and Sen. Chuck Grassley, R-Iowa, participate in the Senate Finance Committee markup of the "Tax Cuts and Jobs Act" on Wednesday, Nov. 15, 2017. (Photo By Bill Clark/CQ Roll Call)

Roll Call reporters Lindsey McPherson and Niels Lesniewski, who cover the House and Senate, walk us through the hurdles that Republicans have to overcome to pass the legislation.

Show Notes:

Three Hurdles the GOP Faces on Tax Overhaul

Protesters in D.C. Demand Trump Release His Tax Returns
April 15 event on the National Mall coincides with others across U.S.

People gather for the Tax March on the West Lawn of the Capitol to call on President Donald Trump to release his tax returns on Saturday. (Tom Williams/CQ Roll Call)

As Tax Day approaches on Tuesday, April 18, protesters organized a Saturday demonstration in front of the Capitol to demand that President Donald Trump release his tax returns.

He’s the first president in nearly 40 years to not disclose such information. Similar protests were held across the country.

Ep. 47: Why You Shouldn't Count On the Trump Tax Cuts
The Week Ahead

  President Trump has promised big tax cuts but as CQ Roll Call's tax editor Catalina Camia explains a tangled web of interests and Republican disunity in Congress could spoil efforts for the first major tax legislation in 30 years.

Show Notes:

Bill to Remove Tax on Olympic Medals a D.C. Tradition
Republicans and Democrats regularly complain about it

Rep. Blake Farenthold, R-Texas, introduced legislation in 2014 that would have removed taxes from Olympic medals. (Tom Williams/CQ Roll Call file photo)

As United States athletes prepare for the Olympics, Congress is once again complaining about taxes on Olympic medals.  

Rep. Blake Farenthold, R-Texas, and Rep. G.K. Butterfield, D-N.C., are the sponsors of the Tax Exemptions for American Medalists Act of 2015, which would remove the taxes that are levied on Olympic medalists.