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“A Matter Of Days…” | Tax Policy Center


Will the bipartisan infrastructure bill pass this week? Senate Majority Leader Chuck Schumer says he wants the $1 trillion bill that includes $550 billion in new spending to pass “in a matter of days.” Senators will have the chance to offer an as yet unknown number of amendments to the infrastructure bill, which may alter Sen. Schumer’s hoped for timeline. The Joint Committee on Taxation released revenue estimates of the bill yesterday.

Cryptocurrency organizations are worried about infrastructure pay-fors. Industry representatives have asked Congress to reconsider certain language in the bipartisan Senate infrastructure bill that they say poses an “imminent threat” to the cryptocurrency industry. The Blockchain Association said the bill “puts new reporting requirements on individual players in the industry who have no way to comply.” Under the Senate bill, cryptocurrency trading firms and brokers would have to report additional information about some transactions, including those exceeding $10,000. The result could generate an additional $28 billion in tax revenue in the first ten years.

As for the $3.5 trillion budget resolution… Speaker Pelosi plans to link passage of the  infrastructure bill to the $3.5 trillion budget reconciliation package. But Roll Call reports that moderate Democrats say they may not vote for the budget resolution that starts the reconciliation process unless that vote is paired with a vote on the Senate infrastructure bill. Four Democrats could block the House resolution. Speaker Pelosi can afford to lose no more than three Democrats on party-line votes.

Treasury Secretary Janet Yellen to brief House Democrats on rental assistance. Secretary Yellen will update the lawmakers today on efforts to distribute $46.5 billion in rental assistance to millions of Americans who risk being evicted. The federal ban on evictions expired on July 31. The US Supreme Court ruled that the Centers for Disease Control exceeded its authority in banning evictions.

Idaho residents could see state tax relief money as early as next week. Governor Brad Little’s office announced that income tax relief would be distributed either by direct deposit or mailed checks. The payments, resulting from a state budget surplus, will be the greater of $50 per taxpayer and dependent or 9 percent of the tax amount reported to the state. The relief is part of Idaho’s larger $445 million tax-cut legislation enacted earlier this year.

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