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3 min read

House, Senate GOP Tax Writers Begin Focused Work on Major 2025 Tax Bill

By NAIFA on 6/14/24 2:44 PM

House Ways & Means Committee Republicans have formed ten issue-specific “tax teams” to work on what to include in the looming 2025 major tax bill. Senate Finance Committee Republicans will tackle these issues in six “working groups.” Both say they “may” include Democrats in their deliberations at some point, but for now, it is an all-GOP effort.

Topics: Education Legislation & Regulations Taxes Debt Congress
2 min read

Revenue Looks to Become a Major Element of 2025 Tax Bill

By NAIFA on 6/14/24 2:43 PM


Recurring revenue estimates of the cost of extending the expiring 2017 tax cuts suggest that revenue will play a major role in the debate over the upcoming tax bill in 2025. After at least five revenue estimates, all covering a 10-year period that includes 2028, projections of the revenue lost due to current tax rules keep going up.

Topics: Legislation & Regulations Taxes Debt Congress NAIFA
2 min read

Impending Major Tax Bill Raises Multiple, Difficult Issues

By NAIFA on 5/15/24 1:59 PM

There will be a major tax bill in 2025, as both Republicans and Democrats contend with the looming expiration of most of the current tax code’s individual and estate tax rules. Scheduled for expiration at the end of 2025 are income and capital gains tax rates for individuals as well as the current $12+ million exemption from the estate tax. Tax policy will play a key role in the debate, but so will revenue—the cost of extending the 2017 rules is astronomical. And lawmakers are already looking at other tax issues—like, for example, the corporate tax rate—that are not scheduled to expire but are intrinsic to both tax policy and revenue issues.

Topics: Taxes Debt Congress
6 min read

Government JCT Releases Latest Tax Expenditure Report

By NAIFA on 1/16/24 3:25 PM

Last month, Congress’ Joint Committee on Taxation (JCT) released its annual “tax expenditure report.” This is a list of many tax code rules that result in the government not collecting tax on what would otherwise be taxable income. Many of these rules directly benefit life and health insurance, retirement savings, employer-provided benefits, and general investments.

Topics: Retirement Legislation & Regulations Taxes Debt Insurance Congress
2 min read

Debt Commission to Zero in on Federal Debt May Be Coming

By NAIFA on 11/15/23 10:27 AM

New Speaker of the House Rep. Mike Johnson (R-LA) promised to establish a bipartisan debt commission to address growing federal debt and deficit concerns. The commission would focus on revenue (taxes), spending, and the central role of entitlement programs like Social Security, Medicare, and Medicaid. The federal debt reached $1.7 trillion in FY 2023.

Topics: Debt Congress
3 min read

Congress Enacts Debt Limit/Spending Cuts Bill, Averts Financial Crisis

By NAIFA on 6/15/23 9:30 AM

On June 1, by bipartisan votes, Congress finalized approval of a bill (H.R.3746) embodying the Biden-McCarthy debt limit/spending cuts agreement. The agreement staves off the default on U.S. debt that Treasury stated would have come on June 5 unless Congress acted.

Topics: Legislation & Regulations Debt Congress
3 min read

House Passes Debt Limit/Spending Cuts Bill

By NAIFA on 5/15/23 9:30 AM

On April 26, the House of Representatives passed a partisan bill (H.R.2811) that would raise the debt limit “in exchange” for deep spending cuts. The bill is the GOP’s opening offer—in response to the FY 2024 Biden budget proposal—for use in what Republicans hope will be negotiations to approve spending cuts in return for their support for raising the debt limit.

Topics: Legislation & Regulations Debt Congress
3 min read

Debt Limit Dominates Congressional Agenda

By NAIFA on 5/15/23 9:00 AM

The nation’s debt limit—the amount above which Treasury is precluded by statute from borrowing—could kick in as soon as June 1, according to Treasury Department projections. If it does, the U.S. could default on some of its obligations, putting at risk the full faith and credit of the United States. Economists say this would be catastrophic, resulting in substantial interest rate increases, massive jobs losses, and huge investment losses. Preventing this is at the top of the Congressional agenda this month.

Topics: Legislation & Regulations Debt Congress