Senate Careens Towards Friday Tax Vote

Trump's 'revenge tax' has foreign investors worried

The Trump administration is backing a provision in the Republican reconciliation bill that would allow the Treasury Department to implement a so-called “revenge tax” on certain foreign investors. The provision, called Section 899, in the bill first gained steam among Republicans in 2023 as a response to former President Joe Biden‘s endorsement of a 15% global minimum corporate tax rate. It was added to the House’s tax legislation before its pass…

What House and Senate Republicans can’t agree on in Trump’s tax bill

Republicans in the House and Senate are struggling to agree on key parts of Trump’s tax bill, including tax cuts, immigration enforcement and climate change policies.

Senate careens towards Friday tax vote

The ScoopSenate Republicans are steaming toward a Friday initial vote on their big tax cuts bill, despite having a metric ton of work to do to finish the package. It’s not totally inconceivable that negotiations continue past the vote to proceed to the bill and into the final amendment of the vote-a-rama — what’s called a “wraparound amendment” representing the final deal. There’s plenty of outstanding business: Republicans are still wrangling o…

Senate Republicans Rig the Rules to Make Their Tax Bill Look Responsible. It’s Not.

To hide most of the costs of their proposed tax cuts, Senate Republicans are relying on a budget gimmick known as the current policy baseline. This gimmick assumes that Congress has already made enormous temporary tax cuts permanent and has taken responsibility for the costs when in fact they never did so This weekend, the official revenue estimate for the Senate tax bill from the Joint Committee on Taxation (JCT) showed this gimmick in action. …