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Articles by Samantha Handler
Punchbowl News: Can Senate Republicans pull off permanent tax cuts? | U.S. Senator Elizabeth Warren of Massachusetts
President Donald Trump dealt Senate Republicans a blow Wednesday in the seemingly never-ending struggle over how to move his agenda on Capitol Hill. Trump sided with the House GOP’s reconciliation roadmap right as the Senate began floor consideration of its own plan. However Congress decides to package top GOP priorities — one bill, two bills — Senate Republicans are gearing up for an arguably more consequential fight on the substance of the legislation.
Housing Industry Seeks Rethink of Mortgage Interest Tax Break Original
The housing and real estate industry is eyeing the 2025 tax fight as an opportunity to modify what was once a prized tax break: the mortgage interest deduction. The ability to deduct mortgage interest payments had long been a key perk to home ownership. But the 2017 tax law watered down the deduction by limiting it to the first $750,000 in principal value, down from $1 million, as well as making it less desirable because of a higher standard deduction.
ERC claims processing lags will save money, IRS says
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ERC claims processing lags will save money, IRS says
ERC Delays Pay Off, IRS Says Delays in processing claims in the problem-plagued employee retention tax credit program will actually save money for the government, the IRS insists. The pandemic-era employee retention credit has been a thorn in the agency’s side for over a year now, as staff has been dealing with a flood of claims. Congress created the credit four years ago to help struggling businesses keep employees on the payroll, but some started claiming the credit when they didn’t qualify.
Familiar Policy Battles Will Bog Down Tax Cliff Talks Into 2025
Common policy fights—deficit spending, the size of individual and family tax credits, and how to encourage business investment—will be back in 2025 tax overhaul talks, but finding balance to satisfy all sides could be more complicated than ever, a former GOP tax writer said. Rates for income, capital gains, and estate taxes were among the big focuses during the fiscal cliff clash in 2012.
Familiar Policy Battles Will Bog Down Tax Cliff Talks Into 2025
Common policy fights—deficit spending, the size of individual and family tax credits, and how to encourage business investment—will be back in 2025 tax overhaul talks, but finding balance to satisfy all sides could be more complicated than ever, a former GOP tax writer said. Rates for income, capital gains, and estate taxes were among the big focuses during the fiscal cliff clash in 2012.
Partnership rules, tax breaks in 2025 spotlight
Preparing for 2025 Democrats and the GOP are laying down markers for next year’s tax package talks, this time with tax breaks for partnerships front and center. Senate Finance Committee Chair Ron Wyden (D-Ore.) said that 2025 is the right time to address the complex rules around partnerships and other pass-through entities that contribute to wealthy tax avoidance. The goal is to get a revised proposal out before next year, his office said.
Partnership rules, tax breaks in 2025 spotlight
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Senate Democrats Prep Harris Economic Plan Legislative Package
Senate Finance Committee Chair Ron Wyden (D-Ore.) and other Senate Democrats are working on a legislative package to ensure Vice President Kamala Harris’ economic package is ready on “day one” if she wins the November presidential election, a Finance spokesperson said. Wyden is working with colleagues on proposals like Harris’ expanded child tax credit and a Democratic version of ending taxes on tips, Senate Finance spokesperson Ryan Carey said.
Senate Democrats Prep Harris Economic Plan Legislative Package
Senate Finance Committee Chair Ron Wyden (D-Ore.) and other Senate Democrats are working on a legislative package to ensure Vice President Kamala Harris’ economic package is ready on “day one” if she wins the November presidential election, a Finance spokesperson said. Wyden is working with colleagues on proposals like Harris’ expanded child tax credit and a Democratic version of ending taxes on tips, Senate Finance spokesperson Ryan Carey said.
Wyden Plans Partnership Crackdown Ahead of 2025 Tax Talks Original
Senate Finance Chair Ron Wyden (D-Ore.) is aiming to revive his proposal to restrict tax breaks for partnerships before 2025, when Congress will negotiate a major tax package and partnership taxation will be front and center. The Senate’s top tax writer said next year is the time to address issues like partnership rules. Much of the Republicans’ 2017 tax law expires at the end of 2025, and Democrats are making a push to crack down on wealthy tax avoidance in next year’s negotiations.
Senate vote deepens bench on busy Tax Court
Senate Confirms Tax Court Judge The Senate Monday confirmed Rose Jenkins to a seat on the US Tax Court bench, further whittling away at vacancies on the busy court, where judges serve 15-year terms. Jenkins is the third of President Joe Biden’s six nominees to be added to the 19-seat court, where vacancies had grown to six during his administration. The court has relied on special trial and senior status judges to help it operate in lean times.
Scorekeeper Set to Play Pivotal Role in 2025 Tax Cliff Talks
How a tax package comes together in 2025 when a swath of provisions from the GOP’s tax law expire will depend on the cost estimates and analyses coming out of Congress’s scorekeeper, the Joint Committee on Taxation. Love it or hate it, a “score” of how much a tax bill will cost or raise from the nearly 70-person office down the street from the US Capitol can make or break legislation. And members don’t always like what JCT has to say.
Scorekeeper Set to Play Pivotal Role in 2025 Tax Cliff Talks
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Jockeying Begins to Snag Coveted House Ways and Means Spots
Several lawmakers already are plotting for coveted spots on the tax-writing House Ways and Means Committee next Congress, seeking seats on the panel in charge of next year’s major tax legislation. Ways and Means will play a pivotal role in next year’s tax negotiations, when much of the 2017 tax law expires and lawmakers will need to broker a deal. Ten lawmakers are weighing a bid to secure a seat on the tax panel in the next Congress. Some, like Rep. Tom Suozzi (D-N.Y.) and Del.
Jockeying Begins to Snag Coveted House Ways and Means Spots
Several lawmakers already are plotting for coveted spots on the tax-writing House Ways and Means Committee next Congress, seeking seats on the panel in charge of next year’s major tax legislation. Ways and Means will play a pivotal role in next year’s tax negotiations, when much of the 2017 tax law expires and lawmakers will need to broker a deal. Ten lawmakers are weighing a bid to secure a seat on the tax panel in the next Congress. Some, like Rep. Tom Suozzi (D-N.Y.) and Del.
1099-K Reporting Bill Advances to House Floor on Party Lines
Democrats and Republicans clashed over a bill to raise the tax reporting threshold for e-commerce platforms during a House Ways and Means Committee markup Wednesday, with Democrats warning of wealthy tax avoidance and the GOP calling the policy too burdensome. Democrats in 2021 had set a new requirement for the platforms to send tax reporting forms to users with more than $600 in transactions, a steep departure from the previous $20,000 requirement.
House panel tackles 1099-K reporting
1099-K Reporting Relief Up for House Panel Debate With fewer than three weeks before Congress is set to leave town until after the election, and little beyond government funding expected to get done, tax writers are still looking to clear some bills out of committee. On the tax side, that includes a bill that would raise the tax reporting requirement for e-commerce platforms like Venmo and PayPal, which is up for consideration at the House Ways and Means Committee on Wednesday.
Salons Seek to Capitalize on Tips Frenzy for Tax Credit Push
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Salons Seek to Capitalize on Tips Frenzy for Tax Credit Push
Beauty salons and barber shops want to use momentum behind both presidential hopefuls’ campaign proposals to end taxes on tips, to reach parity with the restaurant industry they’ve been trying to get for 30 years. Those businesses, mostly owned by women and often by members of minority communities, are pushing to give hair and nail salons, barber shops, and spas the same federal payroll tax credit that’s available only to restaurants—the other major industry where tipping is common.
Pass-Through Tax Break Backers Target Centrist Democrats
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Pass-Through Tax Break Backers Target Centrist Democrats
A new coalition launching Thursday will target moderate Democrats in defending a key tax break for pass-through business income. The tax policy practice at Brownstein Hyatt Farber Schreck is forming the PROTECT Coalition—which stands for Passthroughs Relying On Tax Equity & Championing Thriving Businesses—to coordinate efforts for businesses reaching out to lawmakers ahead of the 2025 tax cliff.
Tax Bill, Appropriations Loom as Lawmakers Come Back (Podcast) Original
Lawmakers return to Washington next week for the final sprint of legislating before the November elections, on the heels of a failed tax bill vote, and with an appropriations deadline fast approaching. Listen here and subscribe to Talking Tax on Apple Podcasts, Spotify, Megaphone, or Audible. Congress will be under pressure in the next few weeks to reach a deal on government funding to avoid a shutdown on Sept. 30.
Highway Fund Insolvency Looms as 2025 Tax Cliff Tests Congress
Finding ways to replenish the dwindling source of US transportation funds could help lawmakers as they address next year’s most pressing issue: how to handle almost $4.6 trillion in tax cuts due to expire. The Highway Trust Fund, which uses an increasingly obsolete gas tax rate to support transportation spending, is on track for bankruptcy in the next few years without further action from Congress.
Letting SALT Cap Expire Would Cost $1.2 Trillion, Group Says
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Letting SALT Cap Expire Would Cost $1.2 Trillion, Group Says
Allowing the $10,000 state-and-local tax deduction cap to expire would cost the federal government $1.2 trillion, a budget watchdog group forecast. The cost estimate from the nonpartisan Committee for a Responsible Federal Budget, released Wednesday, found that extending the expiring tax breaks from the 2017 tax law, except for the SALT cap, would add nearly $5.1 trillion to the US deficit over 10 years.
House Republicans Demand Investigation of IRS Refund Check Theft Original
A Treasury watchdog should launch an investigation into the alleged theft of millions of dollars in IRS refunds, House Ways and Means Committee Chair Jason Smith (R-Mo.) said in a letter. Smith and Rep. Nicole Malliotakis (R-N.Y.), also a member of the tax panel, wrote to the Treasury Inspector General for Tax Administration and the US Postal Service Office of Inspector General asking for a joint review of the theft of paper checks issued by the US government.
Crypto Industry Asks for Guidance as Tax Cliff Talks Rev Up Original
The cryptocurrency industry is ramping up lobbying Congress members, seeking a host of policy asks as lawmakers prepare for a major tax policy debate. Next year will be pivotal for tax policy, because much of the 2017 GOP tax law will expire at the end of 2025. So without action, millions will see their taxes rise—pushing Congress to act.
Crypto Industry Asks for Guidance as Tax Cliff Talks Rev Up
The cryptocurrency industry is ramping up lobbying Congress members, seeking a host of policy asks as lawmakers prepare for a major tax policy debate. Next year will be pivotal for tax policy, because much of the 2017 GOP tax law will expire at the end of 2025. So without action, millions will see their taxes rise—pushing Congress to act.
Crypto Industry Asks for Guidance as Tax Cliff Talks Rev Up
The cryptocurrency industry is ramping up lobbying Congress members, seeking a host of policy asks as lawmakers prepare for a major tax policy debate. Next year will be pivotal for tax policy, because much of the 2017 GOP tax law will expire at the end of 2025. So without action, millions will see their taxes rise—pushing Congress to act.
In Vegas Where Tips Rule, Distrust Mounts Over Tax-Free Pitches
From the valets parking cars to the dealers at the blackjack tables to the bartenders at the city’s many bars, Las Vegas relies on people working for tips. “Las Vegas was built on tips,” said James Reza, a city native who owns two high-end beauty salons in town. Around 17% of workers in Nevada—the highest concentration in the country—make their living through tipped work, according to the Center for Business and Economic Research at the University of Nevada Las Vegas.
Schumer Pledge to End SALT Cap Signals Strained Tax Talks Ahead
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Schumer Pledge to End SALT Cap Signals Strained Tax Talks Ahead
Senate Majority Leader Chuck Schumer (D-N.Y.) would end the state-and-local tax deduction cap if he remains in control of the Senate after the November election, setting up a showdown over one of the most contentious tax provisions at stake next year. Republicans imposed the $10,000 state-and-local tax deduction limit in the 2017 tax overhaul, drawing opposition from GOP members from high-tax states. Since then, the cap has spurred intra-party battles among both Democrats and Republicans.
Schumer Pledge to End SALT Cap Signals Strained Tax Talks Ahead
Senate Majority Leader Chuck Schumer (D-N.Y.) would end the state-and-local tax deduction cap if he remains in control of the Senate after the November election, setting up a showdown over one of the most contentious tax provisions at stake next year. Republicans imposed the $10,000 state-and-local tax deduction limit in the 2017 tax overhaul, drawing opposition from GOP members from high-tax states. Since then, the cap has spurred intra-party battles among both Democrats and Republicans.
Nevada Democrat Seeks to Make Tips Tax-Free, Lift Tipped Wage
A Nevada Democrat plans to introduce legislation to treat tips as gifts and also raise the tipped worker wage, the latest sign of momentum in Congress to make tips tax-free amid a push from the presidential campaign. Rep. Steven Horsford (D-Nev.) told reporters Tuesday he’s aiming to introduce a bill at the end of August or September, to both lift the minimum wage for tipped workers and eliminate the tax on tips.
Nevada Democrat Plots to Make Tips Tax-Free, Lift Tipped Wage Original
A Nevada Democrat plans to introduce legislation to treat tips as gifts and also raise the tipped worker wage, the latest sign of momentum in Congress to make tips tax-free amid a push from the presidential campaign. Rep. Steven Horsford (D-Nev.) told reporters Tuesday he’s aiming to introduce a bill at the end of August or September, to both lift the minimum wage for tipped workers and eliminate the tax on tips.
Backers Seek to Peel Off Housing Tax Credit for Separate Vote Original
A top Senate Finance Committee Democrat is making a move to break off a popular housing tax provision from the bipartisan business-and-child tax break package that failed to clear a test vote this summer. Sen. Maria Cantwell (D-Wash.) introduced a measure last month that would expand the low-income housing tax credit, in an effort to spark congressional action in September or the lame-duck session.
Charities Pitch Non-Itemizer Deduction Ahead of 2025 Tax Talks Original
The charitable giving sector is working to persuade lawmakers to boost donations with a deduction for those that don’t itemize, arguing a portion of the 2017 tax overhaul hampered giving. That year’s GOP tax law raised the standard deduction, spurring fewer people to take itemized deductions such as that for charitable giving. At the time, lawmakers said it wouldn’t impact giving to charities.
Senate Republicans Block $78 Billion Business, Child Tax Break Package
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Senate Republicans Block $78 Billion Business, Child Tax Break Package
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Tax Bill Defeat Reveals Split Between Senate, House Republicans Original
The $78 billion bipartisan tax package that failed to clear a test vote in the Senate Thursday revealed some divisions between House and Senate Republicans that could spell trouble next year. The package of business breaks and a more generous child tax credit was crafted by House Ways and Means Committee Chair Jason Smith (R-Mo.) and Senate Finance Chair Ron Wyden (D-Ore.) and passed in the House in January, but ultimately received little GOP support in the Senate.
Senate Republicans Block $78 Billion Business, Child Tax Break Package
Erik Wasson and Samantha Handler August 1, 2024 at 3:04 PM·3 min read (Bloomberg) -- Senate Republicans stopped a $78 billion package of tax cuts benefiting businesses and low-income families, two constituencies the party needs to win big in November.
Senate Republicans Block $78 Billion Business, Child Tax Break Package
(Bloomberg) -- Senate Republicans stopped a $78 billion package of tax cuts benefiting businesses and low-income families, two constituencies the party needs to win big in November.
HILL TAX BRIEF: GOP Keeps Up Tax Bill Resistance Ahead of Vote Original
Senate Democrats want their Republican colleagues to go on the record with their opposition to a tax package of business and child tax breaks. The $78 billion tax package, passed by the House in January but long stalled in the Senate, at one time had a trickle of Senate Republican support. Many in the GOP now, though, say they’re set to vote against the measure in a procedural vote that’s expected later this week.
Democrats Dare GOP to Vote Against Child, Business Tax Breaks Original
Democrats in the Senate are daring their GOP colleagues to vote against a $78 billion tax package that would expand the child tax credit and boost tax breaks for companies with large capital and domestic research expenditures. A procedural vote on the stalled bill, which passed the House in an overwhelmingly bipartisan vote in January but has faced crippling opposition from Senate Republicans, is expected this week, before senators are set to leave for a five-week summer break.
Democrats Dare GOP to Vote Against Child, Business Tax Breaks
Democrats in the Senate are daring their GOP colleagues to vote against a $78 billion tax package that would expand the child tax credit and boost tax breaks for companies with large capital and domestic research expenditures. A procedural vote on the stalled bill, which passed the House in an overwhelmingly bipartisan vote in January but has faced crippling opposition from Senate Republicans, is expected this week, before senators are set to leave for a five-week summer break.
GOP Tax Team Lead Talks Corporate Tax Rate, Priorities (Podcast) Original
The corporate tax rate is coming up in nearly “every conversation” House Ways and Means Committee Rep. Carol Miller (R-W.Va.) has been at recently. Listen here and subscribe to Talking Tax on Apple Podcasts, Spotify, Megaphone, or Audible. Miller is leading one of the ten House Ways and Means GOP tax teams, created to collect information and prepare for tax discussions in 2025, when much of the 2017 tax law expires.
HILL TAX BRIEF: Chevron’s Fall Puts Spotlight on Tax Scorekeeper Original
The recent US Supreme Court ruling striking down a legal doctrine that empowered federal regulators has left many open questions for Congress, particularly for tax policy. Tax writers, though, are likely in a better position than lawmakers who focus on other policy areas. That’s because they can lean on Congress’s scorekeeper, the Joint Committee on Taxation, which already plays a key role in drafting tax legislation.
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