Treasury has pledged to release its detailed explanation of the Biden administration’s tax proposals on May 28, though that date could still slip.
The Treasury report is part of the White House budget process, and should finally flesh out many of the tax proposals that President Joe Biden has been discussing for months. Still, the report will represent only start of the legislative process, as congressional Democrats will have significant influence and are facing razor-thin majorities in both the House and Senate. The Senate Finance Committee is hoping to mark up on energy tax legislation on May 26, but that date could also slip.
There has also been increasing interest in moving bipartisan infrastructure legislation. Some Republicans have recently met with the White House about the possibility. Senate Minority Leader Mitch McConnell, R-Ky., has drawn a hard line in refusing to consider tax increases, so any agreement would likely represent only a partial solution for Democrats. The administration would likely pursue a separate partisan package with many of the tax increases and other initiatives Republicans reject. It’s unclear if Republicans would still engage in negotiations if Democrats pursue a two-tract approach.
Dustin Stamper is a managing director in Grant Thornton’s Washington National Tax Office and leads the tax legislative affairs practice for the firm.
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