Doug Sword
@doug_swordCapitol Hill tax policy reporter at Tax Notes
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NEWS from @doug_sword & me: House GOP appropriators waited anxiously for months to see if their Dem counterparts would catch the fiscal trigger embedded in spending bills to freeze nearly all the remaining special IRS enforcement funding. They didn’t. taxnotes.com/tax-notes-toda…
It was no oversight that House GOP appropriators had no IRS clawbacks in fy 2025 spending bills. They had another plan: taxnotes.com/tax-notes-toda… @TaxNotes #IRS
Jason Smith reports record $5.97 million campaign cash haul, most ever for a Ways & Means chair, & closes in on record PAC contributions for a House incumbent. And there's still another 3 months left in the fundraising year. @TaxNotes #taxes taxnotes.com/tax-notes-toda…
“Tax policy at this point in the political process is often all kind of like cake with no vegetables." - Christopher Armstrong of Holland & Knight, a veteran of prez campaigns, Ways & Means, & Senate Finance. Gotta be my favorite tax quote of the campaign. So far. @TaxNotes #tax
Newly sworn-in Sen. George S. Helmy (@ghelmy) will take the seat of his predecessor on the Senate's taxwriting committee, if only for a few weeks. Read more from @cady_stanton: taxnotes.co/4gkrpbc
Top Senate GOP taxwriter Mike Crapo wants administration to react to EU high court's decision penalizing Apple $14B: "I'm not going to say what they should be doing, but yeah, they should be doing something." @TaxNotes #taxes
Coming out of Tuesday's caucus, Sen. George Helmy, D -NJ l, confirms Senate Dems had just voted for him to take over seats vacated by Sen. Menendez including on Finance and Banking. @TaxNotes #tax
Trump 60% tariff on China imports & 10% on other imports would cost the typical household $1,820 in 2025, says TPC analysis taxpolicycenter.org/model-estimate… @TaxNotes
For any holding hope that Senate Rs couldn't tank the tax bill, McConnell just made clear his caucus has the votes on a bill that "needed some serious revisions in order to earn 60 votes in the Senate...We don’t need a vote today to tell us that’s still the case." @TaxNotes
FSGG bill is still *not* quite ready for a vote, Appropriations Chair Patty Murray says - one last issue to resolve. Moving forward with chair and RM remarks and hoping to vote after.
Senate Approps gives FSGG bill 7% bump, compared to House's 9% cut. The $4.3B gulf between the two consists of $2.2B diff for IRS, $160M for Treasury, $77M CDFI, $32M FCC, most of rest in SBA. @TaxNotes
Tax Court gets $57.3M, a 1% bump, in fy25 budget bill to be released by Senate Approps, faring better than in the House, where the court got a 3% cut. Still, funding is less than fy23's $58.9M, far less than requested $65M. Will force court to dip heavy into IRA funds. @TaxNotes
IRS budget flat at $12.3B in Senate Approps bill to be released today. Sets up another Senate v House negotiation over the tax collector. House Approps passed an 18%, $2.2B cut for the agency. Last year Senate's flat funding proposal beat out House's 9% cut. @TaxNotes #IRS
"Stay tuned, but you know, I think we're gonna provide the needed funding," Senate Approps FSGG Chair Van Hollen said when asked if Thursday's FSGG bill would maintain IRS funding at FY 2024 levels. @TaxNotes #IRS
The Senate Finance Committee vote to recommend confirmation of 3 more Tax Court judges: Jeffrey S. Arbeit, 27-0, Cathy Fung, 19-8, and Benjamin A. Guider III, 27-0. @TaxNotes
Waiting for 2 senators to finish the vote, but all 3 Tax Court nominees will be recommended for confirmation, tho Cathy Fung was opposed by more than half of committee Republicans. @TaxNotes
Taxwriters bracing for the impending tax cliff at the end of 2025 say that while all of the tax code will be under a microscope, a full rewrite isn’t guaranteed. My latest for @TaxNotes: taxnotes.com/tax-notes-toda…
Bye-bye retroactivity. GOP senators are united in keeping the House's tax package off the floor pre-election, and the 2022-23 fixes “would be gone” and “not possible” in a lame duck, Janice Mays, a longtime top Dem staffer on Ways and Means says on PwC's olicy site. @TaxNotes
"I'm pulling out all the stops to do it; a lot of senators want to vote," Sen. Ron Wyden said when asked if the bipartisan tax package would get to the floor before the August recess. @TaxNotes
R&D expensing goes away and R&D spending jumps a record $96 billion in one year. taxnotes.com/tax-notes-toda… @TaxNotes
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