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☆ House Republicans push IRS for answers on processing pause for small business tax credit
▼ + stars: | 2023-10-04 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing on Sept. 28, 2023. Jonathan Ernst | ReutersHouse Republicans are pressing the IRS for answers after the agency paused processing new claims for a pandemic-era small business tax break. Lawmakers voiced "continued concerns" about the employee retention credit, or ERC, which was enacted to support small businesses during the Covid-19 pandemic. The backlog of unprocessed ERC claimsAs of Sept. 27, the total inventory of unprocessed Forms 941-X, used to amend an employer's quarterly federal tax returns, was roughly 779,000, according to the IRS. However, the ERC claim backlog may be significantly higher due to professional employer organizations, or PEOs, which provide payroll benefits and other HR services.

Persons: Jason Smith, Jonathan Ernst, David Schweikert, Pat Cleary Organizations: Reuters, Republicans, ERC, IRS, National Association of Professional Locations: Worth

☆ Rep. Jason Smith on government shutdown: Don't count House Speaker Kevin McCarthy out
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Jason Smith on government shutdown: Don't count House Speaker Kevin McCarthy outHouse Ways and Means Committee Chairman Rep. Jason Smith (R-Mo.) joins 'Squawk Box' to discuss the latest negotiations on Congress, whether a government shutdown can be averted, the challenges facing House Speaker Kevin McCarthy within his own party, and more.

Persons: Jason Smith, Kevin McCarthy

☆ Pressure mounts on McCarthy ahead of shutdown deadline as Democratic Rep. Boyle blames 'infighting'
▼ + stars: | 2023-09-25 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — Bipartisan lawmakers on Monday weighed in on a possible government shutdown, as pressure builds on House Speaker Kevin McCarthy to get something passed with less than a week before the deadline. McCarthy, R-Calif., is in a bind and can't afford to lose more than four Republican votes on a spending bill. Rep. Tim Burchett, R-Tenn., said Sunday that he might back ousting the House speaker if such a compromise is reached. "Clearly it's a Kevin McCarthy problem," Heidi Heitkamp, a former Democratic senator from North Dakota, told "Squawk Box" on Monday about moving bills through the House. "People will get paid at the end of this," Mulvaney told "Squawk Box."

Persons: Kevin McCarthy, Jason Smith, CNBC's, McCarthy, Tim Burchett, Brendan Boyle, recessing, Heidi Heitkamp, We've, Heitkamp, Mick Mulvaney, Donald Trump, Mulvaney, It's Organizations: WASHINGTON, Republican, Caucus, Democratic, Social Security, White House Locations: Missouri, North Dakota, Washington

☆ Republican lawmaker seeks details of Tesla relationship with Chinese battery company CATL
▼ + stars: | 2023-09-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/File Photo Acquire Licensing RightsWASHINGTON, Sept 19 (Reuters) - A senior Republican in Congress asked Tesla (TSLA.O) Tuesday to detail its relationship with Chinese battery manufacturer CATL (300750.SZ) amid concerns electric vehicle subsidies are flowing to foreign entities raising security concerns. Smith said the committee is concerned CATL "may be trying to negotiate other agreements like the agreement with Ford." The question is how what precisely constitutes a "foreign entity of concern", and so far no foreign battery supplier has been labeled as such. In July, Smith and Mike Gallagher, Republican chair of the Select Committee on China, demanded Ford answer questions about the CATL deal. Ford told Reuters Tuesday it agrees that "U.S. taxpayer dollars should support American manufacturers, not foreign entities of concern."

Persons: Florence, Tesla, Jason Smith, Elon Musk, Smith, Ford, Musk, Mike Gallagher, Janet Yellen, David Shepardson, Stephen Coates Organizations: Fair for Trade, Services, REUTERS, Rights, Republican, Ford, Republicans, Nissan, Reuters, American, U.S . Treasury, Treasury, Thomson Locations: Beijing, China, Michigan, CATL, United States

☆ Republican lawmaker seeks details of Tesla relationship with Chinese battery maker CATL
▼ + stars: | 2023-09-19 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Smith said the committee is concerned CATL "may be trying to negotiate other agreements like the agreement with Ford." Republicans in Congress have been probing Ford Motor's (F.N) planned $3.5 billion investment to build a battery plant in Michigan using technology from CATL, the world's largest battery maker. The question is what precisely constitutes a "foreign entity of concern", and so far no foreign battery supplier has been labeled as such. Tesla, CATL and Nissan did not immediately respond to requests for comment. In July, Smith and Mike Gallagher, Republican chair of the Select Committee on China, demanded Ford answer questions about the CATL deal.

Persons: Florence, Tesla, Jason Smith, Elon Musk, Smith, Ford, Musk, Mike Gallagher, Janet Yellen, David Shepardson, Stephen Coates, Himani Organizations: Fair for Trade, Services, REUTERS, Rights, Republican, Ford, Reuters, Republicans, Nissan, American, U.S . Treasury, Treasury, Thomson Locations: Beijing, China, Michigan, CATL, United States, America

☆ House Oversight Committee to hold first Biden impeachment inquiry hearing next week
▼ + stars: | 2023-09-19 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Rep. James Comer of Kentucky, the Oversight Committee chair, said Tuesday that he plans to subpoena the personal bank records of Hunter Biden , the president's son, and his brother James Biden. The House Oversight Committee will hold the first hearing on the impeachment inquiry into President Joe Biden on Sept. 28, a committee spokesperson said Tuesday. A spokesperson for the oversight committee said the subpoenas could come as early as this week. House Speaker Kevin McCarthy, R-California, last week directed three GOP-led committees to launch an impeachment inquiry into Biden. The impeachment inquiry is being led by Comer on the Oversight Committee, Judiciary Committee Chair Jim Jordan of Ohio, and Ways and Means Committee Chair Jason Smith of Missouri.

Persons: Joe Biden, James Comer of, Hunter Biden, James Biden, James Comer, Kevin McCarthy, Biden, McCarthy, Comer, Jim Jordan of, Jason Smith of, Jordan, Smith, Hunter, James, Ian Sams, Jamie Raskin Organizations: Prince George's Community College, UNITED STATES, GOP, Jason Smith of Missouri, White, Republicans, Maryland Locations: Largo , Maryland, James Comer of Kentucky, Ky, Rayburn, California, Jim Jordan of Ohio

CNN —House Speaker Kevin McCarthy unilaterally gave his conference the green light to launch an impeachment inquiry into President Joe Biden. “There has to be an aha moment.” Rep. Darrell Issa of California, a Republican member of the House Judiciary Committee, told CNN. McCarthy – who spoke for 15 minutes before a scheduled presentation on their Biden impeachment inquiry – also expressed annoyance over their spending struggles and inability to find consensus, saying “hell yeah” he is frustrated. “Until I see the evidence of an impeachable offense, I’m not in favor of impeachment inquiry or impeachment.”Some moderates in swing districts, though, are expressing support for the impeachment inquiry, and dismissing concerns that it could negatively impact the GOP. Some House Republicans cautioned that an impeachment inquiry does not make articles of impeachment inevitable.

Persons: Kevin McCarthy, Joe Biden, McCarthy, Biden –, Darrell Issa of, “, Hunter Biden, –, ” Issa, Republicans –, Jim Jordan, “ We’re, ” Jordan, ”, McCarthy –, Biden, impeaching Biden, Clinton, Tom Cole, Kat Cammack, Brian Mast, Dan Newhouse, Donald Trump, Tim Burchett, Jim Jordan’s, Republicans don’t, McCarthy’s, We’ve, Matt Gaetz, James Biden, “ Hunter Biden, Hunter, can’t, Scott Perry of, James Biden’s, ” Comer, James Comer, Jordan, Jason Smith of Missouri, They’ve, ” McCarthy, Nancy Pelosi, Mike Johnson, ” Newhouse, Comer, Jordan trekked, John Thune of, ” Sen, Lindsey Graham of, ” Graham, There’s, Ken Buck, Ken Buck of Colorado, Buck, ” Buck, I’m, Nick LaLota, ” Johnson, ” Mast Organizations: CNN —, House Republicans, ”, Republican, CNN, Republicans, Ohio Republican, Capitol, GOP, Senate, Dan Newhouse of Washington, hardliner, Hunter Biden, McCarthy’s, Democrats, Senate Republican, Biden Locations: Darrell Issa of California, Ohio, Florida, Dan Newhouse of, Tennessee, John Thune of South Dakota, Lindsey Graham of South Carolina, Ken Buck of, “, New York

CNN —House Speaker Kevin McCarthy announced Tuesday he is calling on his committees to open a formal impeachment inquiry into President Joe Biden, even as they have yet to prove allegations he directly profited off his son’s foreign business deals. While McCarthy has already publicly threatened to launch an inquiry, sources say that McCarthy has sent even stronger signals about his intentions behind closed doors. Punchbowl first reported McCarthy’s expected message on an impeachment inquiry. But Tuesday’s news will mark a real effort by McCarthy to start moving ahead and get House Republican skeptics on board with proceeding. House Republican leadership will need to formally whip votes at some point which they have not yet done.

Persons: Kevin McCarthy, Joe Biden, McCarthy, “, ”, Hunter, James Comer of, Jason Smith of, Jim Jordan of, Biden Organizations: CNN —, California Republican, Capitol, Representatives, Republicans, Republican, CNN, Republican House, House Republican Locations: California, James Comer of Kentucky, Jason Smith of Missouri, Jim Jordan of Ohio, Punchbowl

☆ McCarthy directs GOP-led House committees to open Biden impeachment inquiry
▼ + stars: | 2023-09-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Republican House Speaker Kevin McCarthy on Tuesday announced that he has instructed three GOP-led committees to launch an impeachment inquiry into President Joe Biden. McCarthy apparently abandoned his previous vow that an impeachment inquiry would occur through a vote in the House. Senate Republicans are skeptical that the House has uncovered enough evidence to justify an impeachment inquiry. The Republican-led House Oversight committee launched an investigation in January into allegations that Biden profited from his son Hunter's business dealings while he was vice president. Rep. Jamie Raskin, the ranking Democrat on the oversight committee, called the GOP investigation "a complete and total bust" in a statement Monday.

Persons: Kevin McCarthy, Joe Biden, McCarthy, Biden, James Comer, Jim Jordan of, Jason Smith, Ian Sams, Jamie Raskin, Raskin Organizations: GOP, GOP Rep, White, Republicans, Republican Locations: Ky, Jim Jordan of Ohio, Mo

House Speaker Kevin McCarthy, facing growing pressure from the right flank of his conference, announced on Tuesday he is directing committee leaders to open an impeachment inquiry into President Joe Biden, citing a “culture of corruption” around the chief executive. “Today, I am directing our House committee to open a formal impeachment inquiry into President Joe Biden,” McCarthy said at a press conference. But until now, the inquiry was not guaranteed, especially as it remained unclear whether vulnerable Republicans in swing districts that Biden won in the last election would vote to open the impeachment inquiry into the president. But other Republicans have opposed launching an impeachment inquiry. Rep. Ken Buck of Colorado has argued that the House lacks evidence connecting Biden to his son’s foreign business dealings.

Persons: Kevin McCarthy, Joe Biden, ” McCarthy, Biden, McCarthy, James Comer, Jim Jordan, Jason Smith, “, Marjorie Taylor Greene, Matt Gaetz, Hunter, Greene, Ken Buck Organizations: “, California Republican, GOP, Caucus, Marjorie Taylor Greene of Georgia Locations: California, Marjorie Taylor Greene of, Florida, Colorado

☆ Inflation Reduction Act spurs $500 billion in investments — and much is going to underserved communities, Treasury says
▼ + stars: | 2023-08-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — The Treasury Department on Wednesday announced that billions of dollars slated for investments in clean energy, electric vehicles and batteries under the Inflation Reduction Act will go to relatively underserved communities throughout the country. The announcement comes as the IRA, the Biden administration's landmark law targeting manufacturing, infrastructure and climate change, turns one year old. The more than $500 billion in announced investments, $200 billion of which is in the clean energy sector, is a key goal of the legislation, according to the Treasury. A senior Treasury official told reporters on Wednesday that the agency is also seeing meaningful private investment in the efforts. He also contended it would benefit the Chinese Communist Party, as the U.S. relies on Chinese imports of key inputs for clean energy technology.

Persons: Sean Patrick Maloney, WASHINGTON —, Janet Yellen's, Harris administration's, Joe Biden's, Biden, Jason Smith, Smith Organizations: WASHINGTON, Treasury Department, Wednesday, Biden, Treasury, Chinese Communist Party Locations: Cold, , New York, U.S, China

☆ Democrats are increasingly optimistic about the IRS' plan to offer free tax prep software and break TurboTax and H&R Block's stranglehold
▼ + stars: | 2023-08-14 | by ( Madison Hall | ) www.businessinsider.com time to read: +5 min

A small part of the Inflation Reduction Act instructed the IRS to look into developing a free tax filing program. According to a Bloomberg Second Measure report, TurboTax is by far the most popular tax filing service with a 73 percent market share in May 2021. "The Free File program, which was created in partnership with tax preparation companies, clearly has not been successful in over two decades." Intuit, which makes TurboTax, and H&R Block both pulled out of the Free File Alliance during the pandemic. "Americans will be powerless when the IRS completely controls the tax filing process from start to finish."

Persons: It's, Joe Biden, Don Beyer, Beyer, Katie Porter, it's, Porter, Sen, Elizabeth Warren, Jason Smith Organizations: IRS, Service, Privacy, Democratic, Internal, Bloomberg, Coalition For Free, Rep, Alliance, Intuit, Office, Republican, Biden Administration Locations: Wall, Silicon, California

☆ Focus: Key trade loophole keeps cheap Chinese products flowing to US
▼ + stars: | 2023-08-04 | by ( Katherine Masters | ) www.reuters.com time to read: +6 min

Data from U.S. Customs and Border Protection shows that de minimis shipments into the U.S. rose to 685.5 million in 2022, up nearly 67% over 2018. That equals roughly two to three million packages a day, Robert Silvers, Under Secretary for Policy at the Department of Homeland Security, told lawmakers in July. A bipartisan group of U.S. lawmakers in June introduced bills that would ban de minimis shipments from China upon enactment. Rival U.S. retailers also have grown increasingly concerned about the exemption as Shein and Temu have gained market share. In 2015, Congress raised the cap on de minimis shipments to $800 from $200, making the U.S. threshold one of the highest in the world.

Persons: Dado Ruvic, Shein, Peter Pernot, Robert Silvers, minimis, Jason Smith, Temu, Steve Story, They're, Erik Autor, Katherine Masters, Anna Driver Organizations: REUTERS, PDD Holdings, U.S, Reuters, American Apparel and Footwear Association, de, U.S . Customs, Border Protection, Department of Homeland Security, Republican, Columbia, Apex Logistics International, UPS, FedEx, Barlow & Company, Thomson Locations: China, U.S, Beijing, Mexico, Canada

☆ House GOP chairmen announce probe into Hunter Biden plea deal
▼ + stars: | 2023-07-31 | by ( Clare Foran | ) edition.cnn.com time to read: +2 min

CNN —Three House GOP chairmen sent a letter Monday to Attorney General Merrick Garland demanding documents and information regarding circumstances related to Hunter Biden’s plea deal with the Justice Department. A plea deal between Hunter Biden and the Justice Department is on hold after a dramatic court hearing Wednesday. Noreika said she had “concerns” about the parties seemingly linking the tax plea agreement to resolving a felony gun charge. While the investigation was ongoing, Hunter Biden fully paid his federal tax bill, along with interest and penalties, his lawyers have previously said. Last month, Garland rejected claims the Justice Department improperly interfered in the Hunter Biden probe.

Persons: General Merrick Garland, Hunter, Jim Jordan of, James Comer of, Jason Smith of, Hunter Biden, Hunter Biden’s, Devon Archer, “, ”, Maryellen Noreika, Noreika, David Weiss, Donald Trump, Joe Biden, Garland Organizations: CNN, GOP, Justice Department, Republicans –, House Republicans, Justice, Trump -, White House, Department Locations: Jim Jordan of Ohio, Jason Smith of Missouri

☆ Hunter Biden's plea deal just collapsed in court
▼ + stars: | 2023-07-26 | by ( Haven Orecchio-Egresitz | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Hunter Biden's plea deal with federal prosecutors fell apart at the last minute in a court hearing Wednesday. Wise said the plea deal wouldn't cover other potential crimes. At that point, according to the Times, Biden's lawyer said the plea agreement was "null and void." After news of the charges in June, Biden's attorneys said the plea would resolve the Justice Department's investigation into his conduct. On Tuesday, Republican Rep. Jason Smith of Missouri, the chairman of the powerful House of Representatives Ways and Means Committee, tried to intervene in the proceedings by asking the judge to reject the plea deal.

Persons: Hunter, Maryellen Noreika, Leo Wise, Biden, David Weiss, Wise, Biden's, Hunter Biden, —, Donald Trump, Weiss, Jason Smith of, Trump, Latham & Watkins, Smith, Ted Kittila, Jessica Bengels Organizations: New York Times, Prosecutors, Times, Department, Justice Department, The Heritage Foundation, Republican, Latham & Locations: Delaware, Wilmington , Delaware, Europe, Asia, Jason Smith of Missouri

☆ Hunter Biden to plead guilty to federal tax crimes on Wednesday
▼ + stars: | 2023-07-26 | by ( Marshall Cohen | ) edition.cnn.com time to read: +5 min

As part of the plea agreement, Justice Department prosecutors are expected to recommend a sentence of probation for the president’s son. While the investigation was ongoing, Hunter Biden fully paid his federal tax bill, along with interest and penalties, his lawyers have previously said. Federal investigators also looked into Hunter Biden’s unpaid taxes and lavish spending, which came amid a struggle with addiction. In a late twist, the judge threatened to sanction Hunter Biden’s lawyers over the matter. House Republicans have zeroed in on Hunter Biden’s finances as part of their broader oversight probes into the Biden family.

Persons: Joe Biden’s, Hunter Biden, Maryellen Noreika –, Donald Trump, Hunter, Joe Biden, David Weiss, Hunter Biden’s, Jason Smith, Trump, Biden, Weiss, General Merrick Garland, –, ’, “, Garland, They’ve, ” Organizations: Delaware CNN, Justice Department, Senate, CNN, White House, -, Trump, Republican, GOP, House Republicans Locations: Wilmington, Delaware, Wilmington , Delaware, politicization

On the eve of Hunter Biden’s court appearance to enter into a plea deal for misdemeanor tax crimes that would allow him to avoid prison time, House Republicans and conservative groups sought to intervene in the case, urging a judge to throw out the agreement he reached with prosecutors. The highly unusual legal maneuvering — which experts said was unlikely to succeed — illustrated the lengths that House Republicans and their allied groups have been willing to go to as they have tried to use Mr. Biden’s legal and personal troubles to inflict political damage on his father, President Biden. Representative Jason Smith of Missouri, the chairman of the House Ways and Means Committee, filed a brief in Federal District Court in Wilmington, Del., where Hunter Biden’s plea deal is to be considered by a judge on Wednesday. The committee has heard testimony from two Internal Revenue Service investigators who claim to be whistle-blowers and have told the panel that the younger Mr. Biden received preferential treatment from the Justice Department. Mr. Smith’s brief asked the judge to consider the testimony in deciding whether to approve the agreement.

Persons: Hunter, —, Biden, Jason Smith of, Smith’s Organizations: House Republicans, Republicans, Court, Revenue Service, Justice Department, Mr Locations: Jason Smith of Missouri, Wilmington, Del

☆ U.S. House committees investigate Ford Chinese battery partnership
▼ + stars: | 2023-07-21 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermid/File PhotoWASHINGTON, July 21 (Reuters) - Two U.S. House of Representatives committees said Friday they are investigating Ford Motor Co's (F.N) partnership with Chinese battery company CATL (300750.SZ). Ford announced in February it is spending $3.5 billion to build a battery plant in Michigan using technology from CATL, the world's largest battery maker. The committees said several hundred of the 2,500 Ford plant jobs will be filled by CATL employees from China who will be in charge of setting up and maintaining equipment. Ford still is awaiting guidance from the U.S. Treasury to ensure the partnership does not run afoul of the requirement. Republican Senator Marcio Rubio has urged the Biden administration to investigate the deal and introduced legislation that seeks to bar consumer tax credits for EVs produced using CATL technology.

Persons: Brendan McDermid, Jason Smith, Mike Gallagher, Ford, CATL, Marcio Rubio, Biden, EVs, David Shepardson, Jonathan Oatis, David Holmes Organizations: North American, REUTERS, WASHINGTON, House, Ford Motor, Ford, Chinese Communist Party, U.S . Treasury, Republican, Thomson Locations: Detroit , Michigan, U.S, Michigan, CATL, China, United States, Xinjiang, Beijing

☆ US House Republicans seek testimony from Hunter Biden investigators
▼ + stars: | 2023-06-29 | by ( David Morgan | ) www.reuters.com time to read: +2 min

WASHINGTON, June 29 (Reuters) - U.S. House Republicans sought testimony on Thursday from more than a dozen officials from the Justice Department, FBI and other government agencies involved in the federal tax investigation of President Joe Biden's son, Hunter. House Republicans have long made investigations of the president, his family and his administration a top priority. Republican House Speaker Kevin McCarthy warned earlier this week that Garland could face impeachment over the whistleblower allegations. Thursday's testimony requests came from House Judiciary Committee Chairman Jim Jordan, House Oversight Committee Chairman James Comer and House Ways and Means Committee Chairman Jason Smith. "The committees seek to examine whistleblower claims that the ... investigation of Hunter Biden was purposely slow-walked and subjected to improper and politically motivated interference," they said in a letter to Garland.

Persons: Joe Biden's, Hunter, General Merrick Garland, Donald Trump, Trump, Kevin McCarthy, Garland, Jim Jordan, James Comer, Jason Smith, Hunter Biden, David Morgan, Sarah N, Lynch, Scott Malone, Alexandra Hudson Organizations: . House Republicans, Justice Department, FBI, Representatives, Internal Revenue Service, DOJ, Republican, Republicans, Justice, Alexandra Hudson Our, Thomson

It is not clear what he meant, but the declaration will have a near-term chilling effect on greater disclosure, effectively preventing Mr. Weiss from speaking publicly about the investigation until it is officially closed. House Republicans sought to portray the testimony by the I.R.S. officials as evidence that Hunter Biden had gotten a sweetheart deal from the Justice Department and that the department had been subject to political influence. In the testimony released by the committee on Thursday, the lead I.R.S. agent investigating whether Hunter Biden committed tax crimes told Congress his team uncovered evidence that Mr. Biden had invoked his father, who was then out of office, while pressing a potential Chinese business partner in 2017 to move ahead with a proposed energy deal, House Republicans said.

Persons: Weiss, Biden, Hunter Biden, Jason Smith, ” “, Mr, Zhang, ” Organizations: Republicans, Justice Department, Republican Locations: Missouri

☆ US House Republicans unveil broad package of tax cuts
▼ + stars: | 2023-06-09 | by ( Richard Cowan | ) www.reuters.com time to read: +3 min

Three related bills were introduced on Friday with the goal of moving the legislation through the House Ways and Means Committee next week. Democrats already were focusing on whether the tax legislation could add to the ballooning federal debt. Representative Richard Neal, the panel's senior Democrat, said Republicans were "laying the groundwork for even bigger cuts in 2025" when provisions of the 2017 tax law expire. Republicans, who control the House, introduced the proposals days after Biden, a Democrat, signed into law legislation Republicans sought to begin addressing the rapidly-growing debt with about $1.3 trillion in spending cuts. Other provisions include an expansion of tax benefits for small start-up enterprises to "S Corporations," while eliminating some "red tape" that small businesses experience related to contract workers.

Persons: Joe Biden's, Jason Smith, Richard Neal, Neal, Biden, Richard Cowan, Paul Simao, Diane Craft Organizations: U.S . House, Taxation, Big Oil, Republicans, Child Tax, Democratic, Thomson Locations: U.S, American

☆ Analysis: US debt-ceiling deal dooms Biden's revolutionary tax plans
▼ + stars: | 2023-06-01 | by ( David Lawder | ) www.reuters.com time to read: +6 min

Barring an unlikely Democratic sweep of the White House and both chambers of Congress in 2024, major changes to the U.S. tax code are now seen as largely off the table until the end of 2025, when the 2017 individual tax cuts expire. TAX CHANGES ARE TOUGHBiden's unrealized campaign tax pledges illustrate the political difficulty of changing the U.S. tax code, barring a commanding majority in Congress. "House Republicans have successfully blocked every penny of President Biden’s tax hikes on families, farmers, and small businesses in the debt ceiling deal and protected the 2017 Tax Cuts and Jobs Act from repeal," said U.S. House Ways and Means Chairman Jason Smith. The Missouri Republican added that Americans want Congress to build on the Trump tax cuts "with more tax relief." Republicans will argue for making the 2017 individual tax cuts permanent, said John Gimigliano, KPMG's head of federal tax legislative and regulatory services.

Persons: Joe Biden's, Biden, That's, William McBride, Joe Manchin, Kyrsten Sinema, Jason Smith, Michael Kikukawa, Kikukawa, John Gimigliano, Gimigliano, Steve Rosenthal, Rosenthal, David Lawder, Heather Timmons, Matthew Lewis Organizations: Saturday, Revenue Service, Trump, White, Tax Foundation, Democratic, Republican, Republicans, IRS, House, The, The Missouri Republican, Economic Co, Congressional, Brookings Tax, Center, Thomson Locations: Washington, The Missouri

☆ US IRS to launch free tax e-file pilot program in 2024
▼ + stars: | 2023-05-16 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, May 16 (Reuters) - The Internal Revenue Service on Tuesday said it would launch a free, government-provided direct tax filing option next year, which could lead to the full-scale launch of an IRS filing system that would compete with private tax preparers. The IRS said in an exploratory report to Congress that 72% of American taxpayers surveyed said they were "very interested in" or "somewhat interested in" using a government tool to electronically file their tax returns. The size, scope and complexity of the pilot program, to be available in the 2024 tax filing season, has yet to be determined, IRS Commissioner Danny Werfel told reporters, adding that Treasury Secretary Janet Yellen directed the IRS to launch the pilot after reviewing the report. "Americans will be powerless when the IRS completely controls the tax filing process from start to finish," Smith said in a statement. Werfel noted that all filing options would continue, including free e-file options from private firms and non-profit tax advocacy services, paid filing by tax preparers, and free paper filing to the IRS.

☆ George Santos was accused of unemployment fraud. The House may vote this week on an unemployment fraud bill that he co-sponsored.
▼ + stars: | 2023-05-10 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Rep. George Santos is being accused of stealing COVID-19 unemployment aid, among other charges. In March, he co-sponsored a bill that incentivizes states to recoup money lost through unemployment fraud. The indictment contains 13 counts of wire fraud, money laundering, and theft of public funds. Two months before his indictment, Santos co-sponsored a bill, along with 34 Republican lawmakers, that incentivizes states to recoup money lost through COVID-19 unemployment fraud. Spokespersons for Santos and Rep. Jason Smith, the lead sponsor of the bill, did not respond to a request for comment.

☆ Ways & Means Chair Rep. Smith on House GOP debt limit bill: I'm confident we have the votes
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWays & Means Chair Rep. Smith on House GOP debt limit bill: I'm confident we have the votesHouse Ways & Means Committee Chairman Rep. Jason Smith (R-Mo.) joins 'Squawk Box' to discuss the latest in debt limit showdown, and whether there is enough support for the House GOP proposal.

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