On The Hill

Tax Update (September 17)

Digital Tax Treasury Secretary Steve Mnuchin announced that officials will begin meeting with tech companies to discuss France’s digital services tax. The US and France hope to have an understanding on the issue in the next 90 days, and the Treasury Department aims to ensure businesses support whatever decision is made.[1] French Finance Minister Bruno…
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Health Update (September 17)

Congress returned from its August recess this week right where it left off in July, as drug pricing took center stage. Speaker Pelosi’s long-anticipated drug-pricing plan had a publicly-released draft, while conversations continue surrounding the Grassley-Wyden bill that was passed by the Senate Finance Committee in late July. Elsewhere, the House Energy & Commerce Committee…
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Trade Update (September 17)

China Exempts Some Products after US Tariff Delay Chinese officials announced on Friday (Sep. 13) they would exclude imports of US soybeans, pork, and other farm goods from additional trade war tariffs, a move that could allow for purchases of agricultural products by the US. Earlier in the week, Chinese officials released a list of…
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Trade Update (September 10)

Congress returns this week (Sep. 9-13) from its August recess. Below, CHCG highlights the latest in China-US trade talks and the latest on the USMCA as the fall session begins.  China/US Announce Next Face-to-Face Talks China is determined to make progress to resolve the trade war with the United States when negotiators next meet face-to-face…
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Tax Update (September 10)

Opportunity Zones The New York Times ran a series of articles this week that heavily criticized the Opportunity Zone program. In one piece, authors Jesse Drucker and Eric Lipton argued that while Opportunity Zones were sold as a tool to encourage investment into areas in need, “instead, billions of untaxed investment profits are beginning to…
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Tax Update (September 4)

Capital Gains As the Administration continues to mull over the viability of indexing capital gains to inflation, they are getting a push from two conservative stalwarts. Senator Ted Cruz (R-TX) and Americans for Tax Reform’s Grover Norquist stated in an op-ed that they are supportive of executive action. Cruz and Norquist argue that there is…
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Tax Update (August 26)

Federal Deficit Projections The Congressional Budget Office (CBO) projects the federal deficit will reach $12.2 trillion, an average of 4.7 percent of gross domestic product (GDP), through 2029. This estimate represents an $809 billion increase from CBO’s deficit projection in May. The increase reflects the bipartisan deal to raise spending caps, which passed both chambers…
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Trade Update (August 26)

China Announces $75 Billion Tariffs on US Products, Trump Responds On Friday (Aug 23), China announced it will move forward with as much as 10 percent on $75 billion worth of US products as retaliation to President Trump’s threats to impose new duties on Chinese imports in September. According to the State Council’s Customs Tariff…
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Tax Update (August 20)

Senate Committee on Finance Releases Reports on Temporary Tax Policy Senate Finance Committee Chairman Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR) released reports summarizing the work of three of the six bipartisan taskforces that examined tax provisions that have expired, or are set to expire, between Dec 31, 2017 and Dec. 31, 2019.…
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Trade Update (August 20)

China Threatens Countermeasures against US, Tariffs On Thursday (Aug 15), China announced it would take “necessary countermeasures” if President Trump imposes additional tariffs on September 1, further escalating the ongoing trade war between the two nations. “The move by the U.S. seriously violated the consensus reached between the two heads of state in Argentina and…
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