Accounting Today | House and Senate Budget Measures Advance Tax Reform

This week, the Senate week will begin confirmation hearings for a slew of Trump Administration cabinet nominees. The upper chamber will also take up legislation requiring the detention of people who are in the United States illegally and are arrested for, or charged with, theft. House, Republicans, who hold a razor-thin majority, continue to debate the strategy of pushing through President-elect Trump’s legislative priorities in a single reconciliation bill. 

Since the 2024 U.S. election, business executives, boards, and policy experts are moving quickly to understand and traverse changing economic and political dynamics. Global law firm Alston & Bird is uniquely positioned with extensive legal and policy expertise – with connections to the most influential players.

Both the Senate and House are in session this week, although the House will adjourn early as Republicans head to West Virginia on Wednesday for their annual party retreat. Lawmakers have two weeks to negotiate and approve the remaining six government spending bills before March 22 to avoid a partial government shutdown. Additionally, the House will consider legislation this week that would require TikTok’s Chinese parent company to sell the platform or face a ban from operating in the United States. President Biden will also send to Congress his fiscal year 2025 budget proposal.

Things are getting smaller in Congress this week. The House is considering a minibus package of half the fiscal 2023 spending bills, and the Senate may scale back the China competition bill laboring in conference committee.

With the release of its FY 2022 revenue proposals, the Biden Administration explains and refines some of the tax priorities raised on the campaign trail. Our International Tax Group reads the tea leaves to find the significant changes to the Tax Code the Administration won’t find easy to navigate through a Congress that features the slimmest of majorities.