Aug 1, 2017
Tax Policy Update
PICTURE OF THE WEEK
Source: C-SPAN and Buzzfeed News
Here’s a screen grab of the Senate floor during the wee hours of July 28
when Sen. John McCain (R-AZ) raised his arm for recognition and voted
against the Senate GOP’s “skinny repeal” bill. The dramatic thumbs-down
from the senior senator of Arizona tanked the Republicans’ seven-year
efforts to repeal and replace Obamacare. If you haven’t seen it already,
check out Buzzfeed News’s play-by-play of the vote
: The Tax Policy Update (TPU) will be on break for the August
recess. But keep your eyes open for a special alert from McGuireWoods’ tax
policy team around mid-August in which we will assess where things stand on
tax reform, healthcare, infrastructure, and regulatory reform. Consider it
your summer beach reading! The TPU will be back in your inbox in September.
The “No” Heard ‘Round the World.
Despite repeated promises to repeal and replace the Affordable Care Act, attempts to pass a watered down “skinny bill”
failed. Three Republican senators, Susan Collins (ME), Lisa Murkowski (AK),
and John McCain (AZ), joined all 48 Democrats, to vote against a bill that
would have eliminated the individual mandate penalty, the employer mandate
penalty for eight years, and the medical device tax for three years. No
amount of pressure…
To Market, To Market, To Buy Health Insurance.
Infighting amongst the GOP continues, as Republicans remain split on
funding cost-sharing subsidy payments to insurers. Moderates like Sen.
Susan Collins believe funding the subsidies…
The Little BAT That Couldn’t.
The House GOP’s controversial border adjustment tax (BAT) landed with a
thud last week when the “Big Six” issued a joint statement on tax reform,
announcing the death of the BAT. “While we have debated the pro-growth
benefits of border adjustability, we appreciate that there are many
unknowns associated with it and have decided to set this policy aside in
order to advance tax reform,” the statement said…
Keep Ya Head Up.
It’s almost time for August recess. With the Senate GOP’s failed healthcare
vote last week, House lawmakers saw no reason to stick around and have
already departed for summer vacation. Although Senate Majority Leader Mitch
McConnell postponed recess for two weeks…
Treasury Ends myRA Program.
On July 28, the U.S. Department of the Treasury announced that it will
begin to wind down the myRA program after it was found not to be cost
effective. According to a press release by the Treasury Department, demand
for and investment in the program…
Treasury Delays Key Regulations Under Section 385.
On July 28, the Internal Revenue Service and the Treasury Department issued
Notice 2017-36, which delays the documentation requirements of
earning-stripping regulations for an additional year…
- The House passed, 235-192, the “minibus” spending package (H.R. 3219)
that contains four House appropriations bills for fiscal year 2018: (1)
Defense, (2) Legislative Branch, (3) Energy-Water, and (4) Milcon-VA.
IN THE QUEUE
Senate Finance Committee
Full committee hearing on “America’s Affordable Housing Crisis: Challenges
Senate Small Business Committee
- S. 154, the “Small Business Relief from Disease Induced Economic Hardship
- S. 650, the “Support Small Business R&D Act of 2017”
- S. 690, the “HUBZone Investment Protection Act”
- S. 929, the “Invest in Rural Small Business Act of 2017”
- S. 1038, to require the Administrator of the Small Business
Administration to submit to Congress a report on the utilization of small
businesses with respect to certain Federal contracts
- S. 1428, the “Small Business Cyber Training Act of 2017.”
Senate Finance Committee
Nomination hearing for the following:
- Gilbert B. Kaplan to be Under Secretary of Commerce for International
- Matthew Bassett to be an Assistant Secretary of Health and Human Services
Internal Revenue Service
An open meeting of the Taxpayer Advocacy Panel Taxpayer Communications
Project Committee will be conducted. The Taxpayer Advocacy Panel is
soliciting public comments, ideas, and suggestions on improving customer
service at the Internal Revenue Service. Due to limited conference lines,
notification of intent to participate must be made by phone.
Freedom Partners and Americans for Prosperity
The Freedom Partners and Americans for Prosperity will host a tax reform
discussion with Rep. Mark Meadows (R-NC).
For listings of all the week’s tax and financial services happenings, read below to find out how you can become a subscriber.
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Tax Policy Update
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