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EIW TODAY - November 13, 2023

Prism Group's Daily Summary


NEW TAX BRACKET THRESHOLDS HOT OFF THE IRS PRESS... The IRS has announced new tax brackets for 2024. A press release issued by the IRS describes the 2024 adjustments that will apply to income tax returns filed in 2025, including tax rate schedules, tax tables, and cost-of-living adjustments. Section 199A lists:



Single: $191,950 (full phased out at $241,950)

Married: $383,000 (fully phased out at $483,000)

Further information on individual rate brackets may be found on page 5 of the press release.


THE FULL HOUSE TO VOTE TOMORROW ON FUNDING BILL… House Republicans released a proposed text for a new CR five days away from the November 17th funding deadline. The new CR is a laddered concept, with one ending January 19, 2024, and the other ending February 2, 2024. The proposed resolution does not include any extension of FISA authority or Israel funding. It does include a one-year extension of the farm bill, with no changes made to the previous bill. The House Rules Committee will meet this afternoon to work through the 32-page bill and seek to pass the “quasi-clean” bill on Tuesday.


CRYPTO REGULATION REMAINS IN LIMBO… The Biden administration has taken several steps to provide a framework for cryptocurrency regulation, signing on to the OECD Crypto Asset Reporting Framework (CARF) Friday and unveiling new tax rules in August. Nevertheless, regulation from Congress remains a distant prospect, with House Democrats and Republicans unable to agree on the proper role of the Federal Reserve in the regulation of state-supported “stablecoins.”

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

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

WHAT WE'RE WATCHING:

Beginning this Wednesday, scientists in the California government will stage a three day-long protest in California’s first-ever civil servant strike. The strike comes after three years of attempted negotiations by the California Association of Professional Scientists for higher wages.

The Texas Workforce Commission was awarded a $4.6 million grant by the Department of Labor and Department of Justice to facilitate workforce reentry services in Texas. The funding will be used to extend employment services to individuals who are incarcerated or were recently released from federal prisons.

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 Small Business will hold a hearing TOMORROW, 11/14 at 10:00 AM entitled “Oversight Over the SBA’s Office of Entrepreneurial Development”.

Committee on Energy and Commerce will hold a hearing TOMORROW, 11/14 at 10:00 AM on “Leveraging AI to Enhance American Communications.”

Committee on Ways and Means will hold a hearing Wednesday, 11/15 at 2:00 PM on “From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing.”

The Senate...

Committee on Finance will hold a hearing TOMORROW, 11/14 at 2:30 PM titled “Ensuring Medicare Beneficiary Access: A Path to Telehealth Permanency.”

Committee on Health, Education, Labor, and Pensions will hold a hearing TOMORROW, 11/14 at 10:00 AM titled “Standing Up Against Corporate Greed: How Unions are Improving the Lives of Working Families.” Committee on Small Business and Entrepreneurship will hold a hearing Wednesday, 11/15 at 2:30 PM titled “Veteran Entrepreneurship: From Service to Small Business Success.” BILLS OF INTEREST

  • Rep. Monica Del La Cruz (R-TX-15) introduced a bill to amend the Internal Revenue Code of 1986 to limit the participation of staff of the Internal Revenue Service in conferences being carried out by the Independent Office of Appeals for the purposes of resolving a taxpayer dispute.

  • Rep. Kathy Manning (D-NC-6) introduced a bill to limit cost-sharing for prescription drugs.

  • Rep. Emilia Strong Sykes (D-OH-13) introduced a bill to amend the Worker Adjustment and Retraining Notification Act to support workers who are subject to an employment loss.

AT THE AGENCIES The US Department of Labor

Check back tomorrow for possible updates.

The US Department of the Treasury

The US Department of the Treasury issued a statement on “Collective Engagement to Implement the Crypto-Asset Reporting Framework.”

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

The US Small Business Administration issued a press release on “SBA Economic Injury Disaster Loans Available to Washington Small Business.

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