The Make Billionaires Pay Their Fair Share Act introduces a 5% annual wealth tax on individuals and trusts with net assets exceeding $1 billion, which is adjusted for inflation after 2026. The bill also expands Medicare coverage to include dental, hearing, and vision services, establishes a $60,000 minimum annual salary for public school teachers, and creates a birth-through-five child care entitlement program for working families. Additional provisions include increased eligibility for health insurance premium tax credits, expanded home and community-based services under Medicaid, and funding for various education and healthcare initiatives.
The Small Business Tax Cut Act increases the qualified business income deduction from 20 percent to 23 percent for eligible taxpayers, directly affecting small business owners and investors. The bill modifies income thresholds that limit this deduction for higher earners and extends the phase-in rules for taxable income above certain limits. Additionally, it allows dividends from qualified business development companies to be treated similarly to qualified REIT dividends for deduction purposes. These changes apply to taxable years beginning after December 31, 2026.
HR 8800, titled the National Defense Authorization Act for Fiscal Year 2027, authorizes funding for the U.S. Department of Defense for the upcoming fiscal year. The bill allocates specific amounts for procuring equipment and supplies across all military branches, including the Army, Navy, Marine Corps, Air Force, and Space Force. It also provides funds for research, development, testing, and evaluation activities, as well as money for the day-to-day operation and maintenance of military forces. These financial authorizations are detailed in funding tables within the legislation and apply to the fiscal year 2027 budget cycle.
Financial Services and General Government Appropriations Act, 2027 This bill provides FY2027 appropriations for several federal departments and agencies, including the Department of the Treasury, the Executive Office of the President, the judiciary, the District of Columbia, and several independent agencies. The independent agencies funded in the bill include the Administrative Conference of the United States, the Consumer Product Safety Commission, the Council of the Inspectors General on Integrity and Efficiency, the Election Assistance Commission, the Federal Communications Commission, the Federal Deposit Insurance Corporation Office of the Inspector General, the Federal Election Commission, the Federal Labor Relations Authority, the Federal Trade Commission, the General Services Administration, the Harry S. Truman Scholarship Foundation, the Merit Systems Protection Board, the Morris K. Udall and Stewart L. Udall Foundation, the National Archives and Records Administration, the National Credit Union Administration, the Office of Government Ethics, the Office of Personnel Management, the Office of Special Counsel, the Privacy and Civil Liberties Oversight Board, the Public Buildings Reform Board, the Securities and Exchange Commission, the Selective Service System, the Small Business Administration, the U.S. Postal Service, and the U.S. Tax Court. The bill also sets forth requirements and restrictions for using funds provided by this and other appropriations acts.
This bill authorizes the construction of the Dry-Redwater Regional Water Authority System to provide water for municipal, rural, and industrial use in five Montana counties and one North Dakota county. It allows the federal government to fund up to 75% of the project's planning, design, and construction costs, with the federal share covering facilities like water storage, treatment, and transmission pipelines. The legislation also enables the water system to receive electricity from the Pick-Sloan Program at a firm power rate, provided the system operates on a not-for-profit basis. Finally, the bill authorizes $602 million in federal funding for the project between fiscal years 2027 and 2037, with provisions to adjust the amount based on construction cost fluctuations.
This bill authorizes the U.S. Mint to produce commemorative $5 gold and $1 silver coins marking the 25th anniversary of the September 11, 2001, terrorist attacks. The coins must feature designs honoring victims and first responders (including the inscription "Never Forget") and will be sold only during 2027-2028. All surcharges ($35 per gold coin, $10 per silver coin) collected from sales will fund the National September 11 Memorial and Museum at the World Trade Center, with no net cost to the federal government. The coins are legal tender but primarily intended for collectors, not circulation.
National Security, Department of State, and Related Programs Appropriations Act, 2027 This bill provides FY2027 appropriations for national security, the Department of State, and related programs. The bill provides appropriations to the State Department for Administration of Foreign Affairs, International Organizations, and International Commissions. The bill provides appropriations for related programs, including the Asia Foundation, the Center for Middle Eastern-Western Dialogue Trust Fund, the Eisenhower Exchange Fellowship Program, the Israeli Arab Scholarship Program, the East-West Center, and the National Endowment for Democracy. The bill provides appropriations for other commissions, including the Commission for the Preservation of America's Heritage Abroad, the U.S. Commission on International Religious Freedom, the Commission on Security and Cooperation in Europe, the Congressional-Executive Commission on the People's Republic of China, and the U.S.-China Economic and Security Review Commission. The bill provides appropriations to the House Democracy Partnership, the Offices of Inspector General, the State Department and the President for International Security Assistance, and International Financial Institutions for Multilateral Assistance. The bill provides appropriations for bilateral economic assistance, including programs and activities conducted by the President; Independent Agencies, including the Peace Corps, the Millennium Challenge Corporation, and the U.S. Foundation for Natural Security and Counterterrorism, the Department of the Treasury. The bill provides appropriations for export and investment assistance to the Export-Import Bank of the United States, the U.S. International Development Finance Corporation, and the U.S. Trade and Development Agency. The bill sets forth requirements and restrictions for using funds provided by this and other appropriations acts.
This bill creates a new federal tax credit that matches contributions to ABLE savings accounts, which are designed to help people with disabilities save for qualified expenses. The government will contribute up to 100% of an individual's annual contributions, capped at $2,000, provided the taxpayer's income falls below specific thresholds that phase out the benefit. To receive the match, individuals must file a tax return claiming the credit, and the funds are typically deposited directly into their ABLE account. The legislation also requires state programs to report demographic data about account holders and authorizes $5 million in annual grants to help states promote these savings accounts.
The Protecting American Taxpayers Act aims to reduce government waste and fraud by requiring stricter oversight of federal programs and extending legal deadlines for prosecuting pandemic-related violations. It mandates that child care payments be based on recorded attendance rather than enrollment alone and requires agencies to report when health care spending or provider numbers spike by more than 100 percent in specific areas. The bill also prohibits small businesses from receiving federal loans or grants if an owner or key employee has been convicted of financial misconduct, while simultaneously banning foreign entities controlled by agents from certain listed countries from receiving U.S. financial assistance. Additionally, the legislation seeks to increase transparency by requiring agencies to publicly report on improper payments and other transaction agreements, and it expands whistleblower protections for employees of defense and non-defense contractors who report waste or misconduct.
This bill directs the Comptroller General of the United States to create and regularly update a "High Risk List" that identifies program areas where state and local governments face the greatest risks to the integrity of federally funded money. The list will analyze existing audit reports and public data to pinpoint specific administrative practices that lead to waste, fraud, or abuse, while also highlighting successful strategies that have improved fund management. Additionally, the report will outline available federal tools and resources to help address these vulnerabilities and offer recommendations to Congress on how to mitigate the identified risks. Ultimately, the legislation aims to enhance oversight of state-administered federal programs by providing a clear, evidence-based assessment of where the highest risks exist.
