Posts Tagged ‘Highway Trust Fund’

What’s Love Got to Do with It? Not Much, in Congress

The Senate won’t “Bring Home Jobs…” at least not through the bill that would have denied tax deductions for costs of moving corporations out of the country. The Bring Home Jobs Act needed 60 votes to pass but received only 54. The House GOP may vote to put the estate tax to death. They’ve been […]

A Showdown, Some Backlash and Big Bets

The Highway Trust Fund is almost out of gas. Congress leaves for its month-long recess on Friday, but without legislative action the fund will run out in August. The Senate is expected to vote on the amended bill this week, though it needs 60 votes to pass. Senate Majority Leader Harry Reid had scheduled a […]

Summer Blockbuster? Congress’ Week Is Tax-Action Packed

Another big inversion deal heads to closing. Pharmaceutical giant AbbVie agreed to purchase UK drugmaker Shire, making it the largest US company so far to move its address overseas for lower taxes. The deal, now estimated to be worth about $55 billion, will likely close despite any US action to curb inversions. The Senate may […]

A Ditch, an Add, and Maybe an End Run

Australia repeals its two-year-old carbon tax. It’s been a contentious issue for seven years. Australia is one of the biggest producers of carbon emissions per capita. Its government is committed to reducing emissions to 5 percent below year 2000 levels  by 2020. A carbon tax might have been the most expedient method to accomplish that […]

Compromises, Delays, Derivatives and Daze

A highway bill could soon head down Pennsylvania Avenue. The House Rules Committee  plans to send to the floor the Ways & Means panel’s short-term highway funding bill today. After a floor vote sometime this week, it’s seen as the likely version to land on the President’s desk. In the Senate, the Finance Committee and […]

Games, Spins, Ignorance and Patience

Congress keeps playing with the Highway Trust Fund—but why? The House Ways & Means Committee approved its effort to fund the Highway Trust Fund through May, 2015. To reach a bipartisan deal, the Senate Finance Committee ultimately took a slightly different approach in a $10.8 billion proposal to finance roads and transit. Both convoluted short-term patches […]

Is It Time To End The Highway Trust Fund Fiction?

Congress is in the midst of another Perils of Pauline political showdown: This time the drama is over how to finance the highway trust fund, which will be unable to pay its bills in a couple of weeks. House Republicans have cooked up one set of gimmicks to keep the money flowing for a few […]

Pensions and Tax Bases: Realities and Hopes

The thing about pension smoothing: The bumps always come back. Neither the Committee for a Responsible Federal Budget nor TPC’s Len Burman will suspend disbelief when it comes to the latest gimmick to patch the Highway Trust Fund. Maybe “stupid tax tricks” work politically but “pretending to raise revenue, while adding to our long-run fiscal […]

“Pension Smoothing” is a Sham

Pity House Ways & Means Committee Chairman Dave Camp. He wants to rewrite the tax code in a serious way, but instead he’s spending his days trying to come up with imaginary revenue sources to pay for important spending priorities like rebuilding our crumbling highways. Tomorrow, his committee will consider a proposal to partially pay […]

Whither the Highway Trust Fund?

Smoothing pensions to fund highways: A bumpy, short road. The House Ways & Means Committee will include “pension smoothing” in a $10.9 billion highway funding bill to be marked up tomorrow. In 2012 lawmakers covered two years of highway and transit funding by allowing employers to delay tax-deductible contributions to employee pension plans, raising companies’ taxable […]