Budget & Taxes

in committee · United States · Senate Sep 11, 2025

S 2773: WAGER Act

This bill (S 2773, the WAGER Act) removes an excise tax on sports betting wagers that comply with state laws or tribal gaming compacts. It directly affects sports betting operators and bettors in states where sports betting is legal, as well as tribal gaming operations with approved compacts. The key provision exempts wagers placed on sporting events from the tax, provided they are not prohibited under state law or tribal agreements. The change applies to wagers placed after the bill becomes law.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRemoves excise tax on sports betting, reducing state tax revenue and weakening budget tax base.90% confidence

Sub-Topics Sales Tax

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in committee · United States · Senate Jan 22, 2025

S 187: ALIGN Act

S 187, the ALIGN Act, permanently allows businesses to immediately deduct the full cost of qualified property (like machinery or equipment) instead of depreciating it over time. This directly affects businesses that purchase qualifying property after September 27, 2017, by eliminating the previous requirement to spread deductions across multiple years. The key provision changes the tax code to set the "applicable percentage" for such property at 100% permanently. This simplifies tax treatment for eligible investments without altering other tax rules. The bill does not change tax rates or affect individual taxpayers.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill provides permanent business tax deduction, reducing government revenue, aligning with 'oppose' indicators of tax breaks for businesses.85% confidence

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in committee · United States · House Apr 14, 2025

HR 2918: Family Business Legacy Act of 2025

HR 2918, the "Family Business Legacy Act of 2025," would create a new estate tax deduction for bequests to specific nonprofit organizations. It allows estates to deduct the full value of transfers to organizations exempt under IRS sections 501(c)(4), (5), or (6), reducing the taxable value of an estate. This applies to estates of people who die after December 31, 2025, and directly affects individuals leaving assets to qualifying nonprofits like community foundations or social welfare groups. The bill does not change tax rates or directly support family-owned businesses, as the title suggests, but rather modifies how certain charitable bequests are treated for estate tax purposes.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCreates estate tax deduction reducing government revenue, primarily benefiting wealthy estates by lowering taxable value of bequests to nonprofits.85% confidence

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in committee · United States · House Jan 23, 2025

HR 652: Small Business Investor Tax Parity Act of 2025

This bill expands the tax deduction for qualified business income to include interest dividends from certain business development companies (BDCs), aligning them with the existing treatment for real estate investment trust (REIT) dividends. It specifically adds "qualified BDC interest dividends" to the list of eligible income under Section 199A of the tax code, allowing investors in qualifying BDCs to deduct 20% of these dividends. The change applies to taxable years beginning after December 31, 2026, and directly affects investors in BDCs that meet specific criteria as regulated investment companies. This policy modifies tax eligibility without altering the deduction rate or creating new tax obligations.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCreates new tax deduction for BDC investors (primarily wealthy), expanding tax breaks without middle-income focus, reducing government revenue.90% confidence

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in committee · United States · House Mar 3, 2025

HRES 178: Put Your Money Where Your Mouth Is Resolution

HRES 178, titled "Put Your Money Where Your Mouth Is Resolution," would reduce each House member's annual representational allowance (funding for district office operations and constituent services) by $100,000 for fiscal years 2026 and 2027 compared to the 2025 level. This applies to all current and future House members, directly affecting their annual budget for local office expenses. The key provision sets the 2026 and 2027 allowance equal to the 2025 amount minus $100,000, creating a uniform reduction. As a procedural resolution, it would require the House Administration Committee to implement this change in the budget.

Topics ✗ Budget & TaxesOpposes Budget & TaxesReduces House members' representational allowances by $100k annually, directly cutting government spending on legislative operations.90% confidence

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in committee · United States · House Jan 21, 2026

HR 4327: No Tax on Home Sales Act

This bill eliminates the $250,000 tax exclusion limit for single homeowners and $500,000 limit for married couples when selling their primary residence. It removes the current dollar cap on capital gains tax exclusion, meaning all profit from such home sales would be tax-free. The change applies to sales occurring after the bill's enactment. This directly affects homeowners who currently owe taxes on gains exceeding the removed limits.

Topics ✗ Budget & TaxesOpposes Budget & TaxesRemoves capital gains tax cap for home sales, creating tax breaks for wealthy homeowners and reducing government revenue, aligning with 'oppose' indicators.92% confidence

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in committee · United States · House Feb 6, 2025

HR 1070: Restoring Competitive Property Insurance Availability Act

HR 1070, the "Restoring Competitive Property Insurance Availability Act," creates a tax exclusion for property insurance companies operating in federally declared disaster areas. It excludes "qualified real property insurance income" (premiums minus allocable deductions) from taxable income for the first five years after a disaster (the "recovery period"). This applies specifically to non-life insurance companies that provided property insurance in the affected area before the disaster. The provision takes effect for disasters with incident dates after December 31, 2024, and covers both real property and personal property insured under the same policy.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCreates tax exclusion for insurance companies, a corporate tax break aligning with 'oppose' indicators of tax breaks for wealthy entities.90% confidence

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in committee · United States · Senate Jul 31, 2025

S 2614: Protecting and Preserving Social Security Act

The Protecting and Preserving Social Security Act creates a new Consumer Price Index for Elderly Consumers (CPI-E) to determine Social Security cost-of-living increases, replacing the current index that tracks general inflation. It changes how benefits are calculated for income above the Social Security contribution base after 2025, with a declining percentage (starting at 86% in 2026 and decreasing to 0% by 2031) of that income counting toward benefits. The bill also establishes a new formula for calculating benefits based on "surplus earnings" for individuals reaching retirement age after 2025. These changes will primarily affect high-income workers and retirees, but any benefit increases from these changes won't impact eligibility for Supplemental Security Income (SSI) or Medicaid.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces Social Security benefits for higher earners by phasing out income above contribution base, decreasing government spending on the program.90% confidence

Tags Seniors

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in committee · United States · Senate Jun 12, 2025

S 2056: CREATE JOBS Act

The CREATE JOBS Act (S 2056) changes U.S. tax rules to accelerate business deductions. It allows immediate 100% expensing for qualified property (like equipment) placed in service after 2017, eliminating step-by-step depreciation. For residential and commercial real estate, it introduces a "neutral cost recovery" adjustment that modifies annual depreciation deductions based on economic changes. It also eliminates the option to amortize research and experimental expenses over 60 months, requiring businesses to deduct these costs immediately in the year incurred. These changes directly affect businesses purchasing equipment, owning rental properties, or conducting R&D, aiming to boost investment and cash flow.

Topics ✗ Budget & TaxesOpposes Budget & TaxesAccelerates business tax deductions (100% expensing) and eliminates research amortization, reducing government revenue via corporate tax breaks, aligning with oppose indicators.90% confidence

Sub-Topics Business Taxes Procurement Tax Incentives Tags Economic Development

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in committee · United States · Senate Mar 27, 2025

S 1169: Freedom from Unfair Gun Taxes Act

S 1169, the "Freedom from Unfair Gun Taxes Act," prohibits states and local governments from imposing excise taxes on the sale of firearms, ammunition, or firearm parts during interstate or foreign commerce. This directly affects firearm manufacturers and dealers who sell across state lines, preventing them from facing state-level taxes on those transactions. The bill explicitly states it does not change the Pittman-Robertson Wildlife Restoration Act, which allows separate federal excise taxes on firearms for conservation funding. The key provision is a blanket ban on state taxes for interstate firearm sales, aiming to standardize tax treatment across state lines.

Topics ✗ Budget & TaxesOpposes Budget & TaxesProhibits state excise taxes on firearm sales, restricting a tax revenue source for state budgets95% confidence

Sub-Topics Sales Tax

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