Federal Relations

Tax & Finance


October 26, 2017

House Agrees to Senate Budget and Tax Guidelines

Today, the House adopted the Senate-passed FY2018 budget resolution, H. Con. Res. 71, that would lay down the foundation for tax cuts.  While a budget resolution is traditionally used to set up the broad parameters for spending for a given fiscal year, this year’s resolution is being used as a vehicle to set up procedures to move…


October 20, 2017

Budget and Taxes

The Senate passed its FY 2018 budget by a vote of 51-49 on last night. The passage is a key step to Republican hopes of creating and passing any tax overhaul measure through Congress along party lines in the coming months. Senator Rand Paul (R-KY) was the lone Republican dissenter. Behind the scenes, GOP leaders have already hammered…


October 17, 2017

Senate Begins Debate on Budget Resolution

The Senate has begun its floor debate on the FY2018 budget resolution. As mentioned previously, although usually used to determine parameters of federal spending, this year’s package contains a set of procedures that would enable the chamber to adopt a tax package by a simple majority. With all Democrats expected to oppose it, one Republican…


October 16, 2017

Senate Expected to Take Up FY2018 Budget Resolution

The full Senate is expected to take up this week its FY2018 budget resolution.  The House cleared its version earlier this month. While the budget resolution usually lays out the budget parameters for a given year, the primary goal of the FY2018 budget resolution is to set up for procedures that would allow Republicans to pass a…


October 10, 2017

More Disaster Relief; Tax Reform Slowly, Slowly

It’s getting expensive to deal with disaster relief. Going first, the House is scheduled to vote this week on the second installment of hurricane relief aid. While the Trump administration requested $29.3 billion, lawmakers have been busy trying to add to the total. Texas lawmakers want an extra $18.7 billion for victims of Hurricane Harvey, which…


October 5, 2017

House Passes Budget

House Republicans passed budget legislation today that sets the stage for an ambitious tax bill that they plan to pass. The House measure includes language that would allow the Senator to pass a tax measure without invoking cloture. The Senate is proceeding on a separate track toward passing its own budget, which will have to be…


October 2, 2017

Budget? Budget?

The Senate Budget Committee will take its first steps on a framework for federal spending and tax cuts in FY 2018 this week. The Senate Budget Committee released its FY 2018 draft resolution on Friday that would establish the path for consideration of revenue, spending, and other fiscal legislation. Senate Committee will debate overall limits on discretionary…


September 27, 2017

Big Six Reveal Tax Reform Framework

As expected, the long-awaited proposal released Wednesday. Negotiated by the “Big Six” — Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Majority Leader Mitch McConnell, House Speaker Paul Ryan, House Ways & Means Chairman Kevin Brady, and Senate Finance Committee Chairman Orin Hatch —  is heavy on promoting the Republican tax cut desires and light…


May 25, 2017

Tax Provisions in the FY 2018 Administation’s Budget Proposal

In an effort to set the agenda for tax reform later in the 115th Congress, the New Foundation for American Greatness Budget for FY 2018 does contain a number of tax provisions in various sections. The White House Budget provides few specific details about the Administration’s plans for tax reform, noting that details “will be released at…


April 26, 2017

Trump Tax Plan Released

The Trump Administration released its initial tax proposal. There are still lots of questions and items to be negotiated. The rollout came via a press conference held by Treasury Secretary Mnuchin and National Economic Council Director Gary Cohn. The highlights are below. Personal Tax Reform For individuals, income tax rates would be set at 10%, 25%, and 35%;…



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