Budget & Taxes

The Disclosure of Tax Havens and Offshoring Act requires large multinational companies to publicly report their financial performance in every country where they operate. Specifically, it mandates that these firms submit detailed reports to the Securities and Exchange Commission showing revenues, profits, taxes paid, and employee counts for each jurisdiction. The law also requires this data to be provided in a machine-readable format and made available online for public access. Companies must follow specific rules for defining which entities and locations are included in these reports, with the Commission expected to issue final regulations within a year of the bill's enactment.

The DASH Act aims to expand affordable housing options for low-income individuals, homeless persons, and first-time homebuyers by creating new federal programs and modifying existing tax laws. A primary component is the creation of 250,000 new rental vouchers in 2026 for people experiencing homelessness or at risk of homelessness, which includes funding for supportive services like healthcare and job training, as well as requirements for public housing agencies to prioritize youth and families. The bill also establishes a modular construction pilot program to lower building costs, a grant system to reward local governments that adopt zoning rules allowing denser housing like duplexes and accessory dwelling units, and a new tax credit to help low-income families purchase starter homes in distressed communities. Additionally, the legislation introduces a new refundable tax credit for first-time homebuyers, expands tax incentives for middle-income housing, and makes several adjustments to how homeowners can deduct losses or handle debt discharges related to their principal residences.

The Water Emergency and Technical Assistance Act of 2026 establishes a funding mechanism to help states and water treatment facilities respond to emergencies that pose a significant danger to public health, such as sewer overflows or cybersecurity incidents. Under this bill, the Environmental Protection Agency Administrator can provide grants and technical assistance for activities that prevent or mitigate health risks but would be too costly for ratepayers to fund on their own. The legislation authorizes $50 million annually from fiscal years 2027 through 2031 to support these emergency efforts and also increases the existing funding for drinking water emergencies during the same period.

The Water Emergency and Technical Assistance Act expands federal funding and support for water systems facing emergencies that threaten public health. It increases the annual budget for drinking water emergency situations from $35 million to $50 million and adds a new program to provide grants for treating sewage overflows and other water crises. These funds are specifically intended for activities that would be too costly for local ratepayers to handle alone and are authorized for use through fiscal year 2031. The legislation also allows the EPA Administrator to offer technical assistance for emergencies caused by issues like cybersecurity events.

This bill proposes new restrictions on retirement savings for high-income individuals who already have large account balances. It would limit annual contributions to traditional retirement plans for taxpayers with modified adjusted gross income exceeding $225,000 to $450,000, depending on filing status, if their total retirement savings surpass a $10 million threshold. Additionally, the legislation would increase the minimum required distributions for these same individuals, forcing them to withdraw more money annually from their accounts starting in 2034. To facilitate these withdrawals, the bill requires retirement plans to allow employees to request specific lump-sum distributions and mandates higher tax withholding on these payments.

The Curtailing Executive Overcompensation (CEO) Act imposes a new excise tax on large companies where the highest-paid CEO earns significantly more than the median worker. This tax applies to employers with over $100 million in annual revenue and over $10 million in wages, charging a fee equal to the lesser of 1% of the pay gap or 1% of the company's gross receipts. The law defines the pay gap as the difference between the CEO's average compensation and 50 times the median wage of all employees earning at least $5,000, with thresholds adjusted for inflation after 2027. Companies found to be manipulating their workforce to avoid the tax could face joint liability, and the IRS will issue regulations to prevent such avoidance.

The Public Service Retirement Tax Relief Act of 2026 limits the federal income tax that individuals receiving state or local government pensions must pay. Starting in 2026, the total tax on these pensions cannot exceed $10,000 for single filers or $20,000 for married couples filing jointly. This cap is calculated by first determining the tax owed on all income except the pension, then adding the maximum allowable pension tax amount to that figure. The bill directly affects public servants who rely on pensions from state or local governments for their retirement income.

The Medicare-X Choice Act of 2026 creates a new public health plan called the Medicare Exchange health plan, which would be available to individuals and small groups starting in 2028. The bill establishes two dedicated funds to finance the plan's creation and technology updates, appropriating $1 billion each for fiscal year 2027. Under the plan, the government would set premiums to cover full costs, and reimbursement rates for doctors and hospitals would generally match current Medicare rates, with potential increases for rural areas. The legislation also requires health care providers who participate in traditional Medicare to also accept patients in this new plan, while prohibiting insurers from placing additional restrictions on enrollees. Additionally, the bill expands tax credits for people buying insurance, fixes the "family glitch" that currently limits subsidy eligibility for some workers, and authorizes the government to negotiate prices for prescription drugs.

This resolution provides for the consideration of the bill (H.R. 8800) to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; providing for consideration of the bill (H.R. 8884) to amend title II of the Social Security Act to reauthorize demonstration authority for the disability insurance program; providing for consideration of the concurrent resolution (H. Con. Res. 113) establishing the congressional budget for the United States Government for fiscal year 2027 and setting forth the appropriate budgetary levels for fiscal years 2028 through 2036; providing for consideration of the bill (H.R. 7008) to amend chapter 131 of title 5 to require certain restrictions on stocks for Members of Congress and their spouses and dependents, and for other purposes; providing for consideration of the bill (H.R. 6955) to make improvements to the Federal banking laws, and for other purposes; providing for consideration of the bill (H.R. 9770) making continuing appropriations for fiscal year 2027, and for other purposes; and for other purposes.

The Stop Settlement Slush Funds Act of 2026 restricts federal agencies from entering into settlement agreements that require payments to third parties unless those funds directly remedy actual harm or compensate for services rendered. This law prohibits officials from directing settlement money to entities other than the United States for purposes such as slush funds or unrelated projects. To ensure compliance, the bill mandates annual reports to the Congressional Budget Office detailing the distribution of settlement funds and requires federal Inspectors General to publicly report any violations to congressional committees. These reporting requirements are set to expire seven years after the bill is enacted.