Medicare Drug Pricing Reform Fails in Committee: Congress Update
- Key House panel to finish tax provisions of economic package
- SALT fate still uncertain as Ways and Means wraps up work
Photographer: Alex Edelman/CNP/Bloomberg
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House Democrats are on track Wednesday to advance through committee the tax provisions to pay for President Joe Biden’s economic agenda, sending revenue measures worth some $2 trillion to the Budget Committee.
It’s still unclear how Democrats will handle key tax provisions, including removing or boosting the $10,000 cap on the federal deduction for state and local taxes, or SALT. Also undecided is the fate of a proposal to require banks and other financial institutions to report data on customers’ account outflows and inflows to the IRS -- bolstering tax-collection efforts.