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EIW Today - January 30th, 2024

Prism Group's Daily Summary



HOUSE GOP PUSHES BIPARTISAN TAX DEAL DESPITE INTERNAL OPPOSITION... During a closed-door meeting Monday night, House Republicans experienced rising tensions over a contentious bipartisan tax deal led by Ways and Means Chair Jason Smith (R-MO-8) and House Speaker Mike Johnson (R-LA-4). The deal is designed to enhance the child tax credit and provide R&D credits for businesses, though it has divided Republican members of Congress. The exclusion of a provision to raise the State and Local Tax (SALT) deduction cap, a critical issue for members from high-tax states like New York, has proven to be a central issue. Despite internal disagreements and calls for the bill’s formation to have more member involvement, GOP leadership is pushing to advance the bill through a procedural move requiring a two-thirds majority for passage. 

 

NEW IRS BRACKETS COULD OFFER LARGER 2024 TAX REFUNDS... American taxpayers are recovering from last year's smaller tax refunds and high inflation. But as the 2024 tax filing season begins, taxpayers might see a welcome change; a number of taxpayers may receive up to 10% more in tax refunds than the previous year due to the IRS's inflation adjustments. These adjustments may benefit those whose incomes did not keep pace with inflation. However, not everyone should expect a larger refund. This includes those with side gigs who might owe more due to insufficient tax payments. 

 

SALARY HISTORY TO BE PROHIBITED FOR FEDERAL EMPLOYEES IN BIDEN ADMINISTRATION DECISION... The Biden administration announced they are banning the use of salary history in employment decisions for federal employees and contractors, a significant step in addressing pay inequality for public sector employees. Federal agencies are poised to implement this regulation within 60 days, though the rule for federal contractors will enter a 60-day public comment period. 

 

THE STATE OF THE STATES 

SESSIONS BY THE NUMBERS: 

Thirty-eight state legislatures are in regular session. Oklahoma is in special session. 

 

WHAT WE'RE WATCHING: 

Historic state investments exceeding $234 million for Omaha, Nebraska’s most populous city, were announced by Governor Jim Pillen (R) in an attempt to foster innovation in communities through the North and South Omaha Recovery Grant Program. This initiative is part of the Economic Recovery Act, and is meant to bolster economic opportunities in city neighborhoods after the effects of the COVID-19 pandemic. 

 

Wisconsin Gov. Tony Evers (D) has signed an executive order to establish the Governor’s Task Force on the Healthcare Workforce, which will be led by Lt. Gov. Sara Rodriguez. The task force comes after Gov. Evers’ State of the State speech, and will address challenges in the state's healthcare system, including workforce recruitment, retention, and development. 

 

LAWMAKERS... IN OR OUT? 

The House... convenes today at 10:00 AM. The full schedule may be found here. 

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

 

HAPPENING ON THE HILL 

The House...  

Committee on the Budget will hold a hearing TOMORROW, 1/31 at 10:00 AM on “Creating a Culture of Fiscal Responsibility: Assessing the Role of the Congressional Budget Office.” 

Committee on Financial Services will hold a hearing TOMORROW, 1/31 at 10:00 AM on “Rules Without Analysis: Federal Banking Proposals Under the Biden Administration.” 

Committee on Financial Services will hold a hearing TODAY, 1/30 at 10:00 AM on “Better Investment Barriers: Strengthening CCP Sanctions and Exploring Alternatives to Bureaucratic Regimes.” 

Committee on the Judiciary will hold a hearing TODAY, 1/30 at 10:00 AM on “The Southern Border Crisis: The Constitution and the States.” 

Committee on Small Business will hold a hearing TODAY, 1/30 at 10:00 AM on “Pathways to Success: Supporting Entrepreneurs and Employees with Disabilities.” 

 

 

The Senate...  

Committee on Banking, Housing, and Urban Affairs will hold a hearing TOMORROW, 1/31 at 10:00 AM on “Artificial Intelligence and Housing: Exploring Promise and Peril.” 

Committee on Banking, Housing, and Urban Affairs will hold a hearing Thursday, 2/1 at 10:00 AM on “Examining Scams and Fraud in the Banking System and Their Impact on Consumers.” 

Committee on the Budget will hold a hearing TOMORROW, 1/31 at 10:00 AM on “A Blueprint for Prosperity: Expanding Housing Affordability.” 

Committee on the Judiciary will hold a hearing TOMORROW, 1/31 at 10:00 AM on “Big Tech and the Online Child Sexual Exploitation Crisis.” 

 

BILLS OF INTEREST 

  • Sen. Todd Young (R-IN) introduced a bill to amend the Higher Education Act of 1965 to create an innovation zone initiative. 

  • Rep. Janice Schakowsky (R-IL-9) introduced a bill to amend the Consumer Product Safety Act to strike provisions relating to the maximum civil penalties for violations of product safety standards. 

  • Sen. Ted Budd (R-NC) introduced a bill to prohibit contracting with certain biotechnology providers. 

 

AT THE AGENCIES 

The US Department of Labor 

Check back tomorrow for possible updates. 

 

The US Department of the Treasury 

The US Department of Labor issued remarks by Secretary of the Treasury Janet L. Yellen in Milwaukee, Wisconsin. 

 

The US Department of Commerce 

The US Department of Commerce announced that the U.S. economy had grown faster than expected for the year and final quarter of 2023. 

 

The US Trade Representative 

The Office of the US Trade Representative issued a Supplemental Burma Business Advisory. 

 

The US Small Business Administration 

The US Small Business Administration issued a readout of SBA Administrator Guzman’s attendance at a meeting of the President's Advisory Commission on the Advancing Educational Equity, Excellence, and Economic Opportunity for Hispanics Initiative. 

 

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