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EIW TODAY - December 4, 2023

Prism Group's Daily Summary



JUSTICES TO DEBATE INCOME…The Supreme Court will debate income under the 16th Amendment on Tuesday with consideration of Moore v. US. The case challenges a 2017 tax law that imposes a one-time levy on profits that companies have accumulated outside the U.S. The case and its outcome will allow the justices to redefine the meaning of income and their ability to tax under the Constitution.


TAX SUBCOMMITTEE TO MEET ON WEDNESDAY... Committee on Ways and Means Subcommittee on Tax will meet this Wednesday, 12/6, to discuss tax policies with efforts to expand economic growth and increase prosperity for American families. Witnesses include Dr. Heather Boushey, President and CEO of the Washington Center for Equitable Growth, Dr. Raj Chetty, Professor of Economics at Harvard University and Director of Opportunity Insights, Ms. Dorothy Brown, Professor of Law at Emory University School of Law, and Mr. Scott Hodge, President of the Tax Foundation. More information and access to the live hearing can be found here.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

Seven state legislatures are in session. Texas is in special session.

WHAT WE'RE WATCHING:

Michigan Gov. Gretchen Whitmer (D) signed a new piece of legislation last week, House Bill 4983, which automatically registers people to vote when released from prison. The bill expands the state's automatic voter registration system to restore voting rights to returning citizens. The Department of State, under the new law, will automatically process their voter registration, and residents can opt-out later after receive a notice from the Michigan Secretary of State or through a written request.

North Carolina Commerce Secretary Machelle Baker Sanders sent a letter to Congress asking for the deferment of the Internal Revenue Code, section 174. The “Innovation Tax” would require that entrepreneurs amortize research and experimentation expenditures. According to Sanders, North Carolina entrepreneurs' ability to develop novel products and processes to create new jobs would be dramatically reduced.

President Biden, California Gov. Gavin Newsom (D), and Democrats' investment in clean energy sources continue to be challenged by labor unions. Chris Hannan, president of the State Building and Construction Trades Council of California, expressed his and the nearly 500,000 council members' belief that the oil and gas industry will continue to be a large part of the workforce for the foreseeable future. The union strongly influences the struggle for clean energy infrastructure; California and other states will have to figure out how to continue their fight without undercutting labor.

LAWMAKERS... IN OR OUT?

The House... convenes today at 12:00 PM ET. The full schedule may be found here.

The Senate... convenes today at 3:00 PM ET. The full schedule may be found here.

HAPPENING ON THE HILL

The House...

Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion will hold a hearing TOMORROW, 12/5 at 10:00 AM titled: “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services.”

Committee on Ways and Means Subcommittee on Oversight will hold a hearing Wednesday, 12/6 at 10:00 AM titled “Hidden Cost: The True Price of Federal Debt to American Taxpayers.”

Committee on Ways and Means Subcommittee on Tax will hold a hearing Wednesday, 12/6 at 2:00 PM on “Tax Policies to Expand Economic Growth and Increase Prosperity for American Families.”

Committee on Energy and Commerce Subcomittee on Communications and Technology will hold a hearing TOMORROW, 12/5 at 10:00 AM titled “Oversight of the National Telecommunications and Information Administration.”

Committee on Energy and Commerce Subcommittee on Energy, Climate, and Grid Security will hold a hearing TOMORROW, 12/5 at 10:00 AM titled “America’s Future: Leading a New Era of Energy Dominance, Security, and Environmental Stewardship.”

The Senate...

Committee on the Judiciary will hold a hearing TOMORROW, 12/5 at 10:00 AM titled “Oversight of the Federal Bureau of Investigation.”

Committee on Finance will hold a hearing TOMORROW, 12/5 at 10:00 AM titled “Drug Shortages: Examining Supply Challenges, Impacts, and Policy Solutions from a Federal Health Program Perspective.” BILLS OF INTEREST

  • Rep. John Moolenaar (R-MI-2) introduced a bill to amend the Internal Revenue Code of 1986 to allow a refundable credit against tax for the purchase of communications signal boosters in areas with inadequate broadband internet access service, and for other purposes.

  • Rep. Michael Lawler (R-NY-17) introduced a bill to require the Government Accountability Office to study and recommend a definition for workforce housing.

  • Rep. John Duarte (R-CA-13) introduced a bill to amend the Workforce Innovation and Opportunity Act to provide local areas more flexibility in the use of funds for incumbent workforce training programs.

AT THE AGENCIES The US Department of Labor

The US Department of Labor issued a readout titled “Acting Secretary Su Convened Business Leaders, Investors, Workers for ‘New Frontiers for Empowering Workers and Business.’”

The US Department of the Treasury

The US Department of the Treasury issued press release on “Proposed Guidance to Continue U.S. Manufacturing Boom in Batteries and Clean Vehicles, Strengthen Energy Security.”

The US Department of Commerce

Check back tomorrow for possible updates.

The US Trade Representative

Check back tomorrow for possible updates.

The US Small Business Administration

Check back tomorrow for possible updates.

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