Weekly Tax Newsletter

WHO YOU TRACKING? America’s tax-the-rich debate has reached the friendly skies. The air safety bill that has passed the House would make it harder for state and local tax officials across the nation to track private jets, as Pro Tax’s Brian Faler reports — a potential boon for the wealthy people who don’t like to fly commercial.

With help from Jordain Carney WELCOME BACK: Lawmakers return to Washington this week — and they’ll find that President Donald Trump’s IRS settlement remains as messy as when they left town 10 days ago. Senate Republicans stopped consideration of a top priority, a party-line immigration enforcement measure, before leaving for that recess because of concerns over the $1.8 billion “Anti-Weaponization Fund” created by Trump’s dropping of his lawsuit against the IRS.

With help from Danny Nguyen GONE, BUT NOT FORGOTTEN: Congress might be out of town this week, but it doesn’t look like lawmakers will be forgetting about President Donald Trump’s IRS settlement any time soon. GOP senators’ questions about the nearly $1.8 billion “Anti-Weaponization Fund,” created by an agreement between the Justice Department, the IRS and the president, froze progress on Republicans’ immigration enforcement package late last week.

MESSAGE TO THE JUDGE: A new court filing helps explain why President Donald Trump and the government that he runs might be rushing toward a legal settlement.

BACK IN CHARGE? Rep. Richard Neal (D-Mass.) is making plans in case he gets to take the gavel of the House Ways and Means Committee for a second time, as Pro Tax’s Brian Faler just reported. The prep work is understandable: Democrats have a very good chance to win back the House this fall, though recent redistricting developments have buoyed the GOP’s chances to retain their control.

MIGHT BE MORE THAN YOU THINK: A new analysis has found that curbing the preferential treatment of carried interest might raise more revenue than previously estimated. Yale University’s Budget Lab projected that a proposal from Democratic senators to close the tax break for carried interest, which is prized by the private equity and venture capital industries, would raise close to $90 billion over a decade after considering new studies and data.

The United Kingdom's digital services tax could present some awkward moments during King Charles III's visit to the United States this week. NOT TO RUIN THE VISIT, BUT…: In fact, President Donald Trump told Reuters that he would personally bring up Britain's DST with the king.

YES, BUT BIGGER: Two dozen labor groups are pushing lawmakers to expand the new deduction for overtime pay, which proved to be a big hit with taxpayers this filing season. The organizations represent transportation workers, who can face issues claiming the incentive because of restrictions on what kinds of overtime pay are eligible.

WHAT ARE THE LEFTOVERS? It’s a question bound to be asked by tax people in the weeks to come: Do you think there’s space for that in another reconciliation package?

GREENBERGER BECOMES POLITICO EDITOR-IN-CHIEF: After an extensive search, POLITICO has named Jonathan Greenberger as the news organization’s next Global Editor-in-Chief, effective May 1. He will succeed John Harris, who assumes the role of POLITICO Chairman. Greenberger has spent the past two years as POLITICO’s Executive Vice President, where he built a team of top journalists and newsroom leaders and lifted the organization’s brand and business through news-driving events.