TAX TAKE: A September to Remember?
August, which is traditionally dominated by the Congressional recess, was much busier than expected with Senate passage of the bipartisan infrastructure bill and the budget resolution and, after much intra-Democratic party debate, House passage of the budget resolution. This burst of legislative activity has significant implications for the already busy September agenda. As it currently stands, the monthly schedule is jam-packed, including:
- September 9, 10, 14, and 15: Tentatively scheduled House Committee on Ways and Means markup of reconciliation bill (with tax provisions expected to be addressed towards the end)
- September 15: Non-binding budget resolution deadline for committees to report reconciliation recommendations
- September 27: Deadline for House vote on Senate-passed bipartisan infrastructure bill
- September 30: Expiration of highway authorization and government funding
This schedule is quite fluid and subject to change. In particular, current negotiations between Congressional leadership and the Administration regarding the ultimate cost of the reconciliation bill (i.e., whether the proposed $3.5T "top line" number is reduced to address concerns raised by moderates such as Senator Joe Manchin (D-WV) and Senator Kyrsten Sinema (D-AZ)) and how much of that cost is financed by deficit spending and tax increases may impact the timing of the House Committee on Ways and Means markup. That markup, when it goes forward, will provide a wealth of information regarding the House's position on proposals contained in Treasury's Greenbook, novel ideas for revenue raisers that may have not been previously discussed, and provide potential effective dates for provisions, such as any proposed increase in the capital gains rate. It will also be important to monitor Congressional and stakeholder reaction to the markup – particularly views that could alter the likelihood of provisions' success in passing through the full House and the Senate. #TaxTake
Upcoming Speaking Engagements and Events
Loren will speak at the 2021 WITA Virtual Intensive Trade Seminar on a panel titled, "International Tax and Trade," on September 13.
On September 21, Marc will speak at the 2021 ICI Tax Accounting Conference on a panel titled, "Biden Administration's Legislative and Regulatory Agenda."
Marc will speak at the 56th Annual Southern Federal Virtual Tax Institute on a panel titled, "The 2021 Legislative Landscape: Evaluating Actual and Potential Changes," on October 25.
In the News
Jorge discussed Congressional Democrats' tax agenda in Tax Notes. "At the end of the day, this is going to be about the House Democratic caucus and the Senate Democratic caucus, and what they can negotiate."
Jorge commented on the possible impact of a tax compliance proposal on cryptocurrency transactions in CQ Roll Call.
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