Ways and Means Proposes $1.3 Trillion of Tax Breaks, $2.2 Trillion of Tax Hikes
The House Ways and Means Committee recently released draft legislation to create, expand, or extend a number of tax breaks for businesses and...
Blog |
Welcome to our blog – The Bottom Line, where you’ll find up-to-date commentary and analysis on the most important news in the fiscal world. Below is a list of our blog posts.
Sep 10, 2021
SALT Cap Repeal Would Be a Costly Mistake
Recent reports indicate Congress may repeal the $10,000 cap on the State and Local Tax (SALT) deduction in its $3.5 trillion reconciliation bill,...
Sep 9, 2021 | Budget Process
Upcoming Congressional Fiscal Policy Deadlines
Updated 9/9/2021: The House left for its August recess without completing action on renewal of the eviction moratorium, expiring unemployment...
Sep 9, 2021 | Other Spending
Appropriations Watch: FY 2022
Congress started marking up individual appropriations bills for Fiscal Year (FY) 2022 in June. Discretionary spending levels are no longer...
Sep 9, 2021 | Taxes
Closing the Stepped-Up Basis Loophole
Reconciliation should not add a penny to the national debt. As lawmakers work to craft a package with $3.5 trillion of new spending and tax...
FY 2022 Reconciliation Tracker
Last Updated: 9/13/2021
Budget reconciliation is underway (read more about the full process here), with House and Senate lawmakers crafting a...
Sep 7, 2021 | Budgets & Projections
Representatives Murphy and Cuellar Push for Fiscally Responsible Reconciliation
Representatives Stephanie Murphy (D-FL) and Henry Cuellar (D-TX) recently sent a letter to House majority leadership outlining principles for the...
Biden Administration’s SNAP Increase Could Add $180 Billion to Deficits
The U.S. Department of Agriculture (USDA) recently announced it will be revising the Thrifty Food Plan (TFP), used for the calculation of...
Event Recap: What's Going on With the Social Security and Medicare Trust Funds?
On September 1, the Committee for a Responsible Federal Budget hosted “What’s Going on With the Social Security and Medicare Trust Funds.” The event...
Sep 2, 2021 | Taxes
CBO Estimates $120 Billion from IRS Funding Boost
Today, the Congressional Budget Office (CBO) published an estimate of the revenue effects of President Biden’s proposal to increase Internal Revenue...