U.S. Budget & OBBB | OCT 1 - Gov’t Shutdown Begins

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Per Bloomberg, looks like the draft bill will increase the SALT cap from $10k to $30k, but only available to those making under $400k. A handful of House Rs said late last week that a $30k SALT cap was a nonstarter for them.
 
nycfan said:
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The Joint Committee says the SALT provision as currently drafted brings in $915 billion dollars between 2025 and 2034. I've also read the Senate is wary of the rollback of clean energy provisions in the House bill. Those also bring in a good chunk of money. Will be interesting to see how much those provisions can be tweaked to gain votes and where the lost revenue will be made up. The House bill doesn't futz with corporate rates (income tax; alternative minimum tax; stock buyback excise tax) and those may be an easy lever to pull to make up revenue.
 
nycfan said:
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“Tucked away on page 380 is a provision that would give the Trump administration a powerful new tool to silence dissent.

The provision would grant the Treasury Secretary the power to terminate the tax-exempt status of any nonprofit group they deem a "terrorist supporting organization." A "terrorist supporting organization" is any nonprofit that provides "material support" to a designated terrorist group. The term "material support" is broadly defined, and includes "any service," "expert advice," or "personnel" — regardless of whether that support is connected to violent acts. Nor is there any standard of evidence regarding what kind of information the Treasury Secretary can consider when deciding whether a nonprofit provided "material support."

The Treasury Secretary only needs to notify the nonprofit of the impending designation. They can decline to describe the "material support" the nonprofit allegedly provided if the Treasury Secretary decides "disclosure of such description would be inconsistent with national security or law enforcement interests."

The nonprofit would have 90 days to respond to the Treasury Secretary or challenge the designation in court. But it shifts the burden of proof onto the nonprofit to establish its innocence.

A similar provision passed the House as a standalone bill in November 2024 on a 219-184 vote. 15 Democrats and all but one Republican supported the bill, largely based on allegations that nonprofit groups were supporting Hamas after the October 7 attacks on Israel.”

~ Popular Information
 
farce© said:
“Tucked away on page 380 is a provision that would give the Trump administration a powerful new tool to silence dissent.

The provision would grant the Treasury Secretary the power to terminate the tax-exempt status of any nonprofit group they deem a "terrorist supporting organization." A "terrorist supporting organization" is any nonprofit that provides "material support" to a designated terrorist group. The term "material support" is broadly defined, and includes "any service," "expert advice," or "personnel" — regardless of whether that support is connected to violent acts. Nor is there any standard of evidence regarding what kind of information the Treasury Secretary can consider when deciding whether a nonprofit provided "material support."

The Treasury Secretary only needs to notify the nonprofit of the impending designation. They can decline to describe the "material support" the nonprofit allegedly provided if the Treasury Secretary decides "disclosure of such description would be inconsistent with national security or law enforcement interests."

The nonprofit would have 90 days to respond to the Treasury Secretary or challenge the designation in court. But it shifts the burden of proof onto the nonprofit to establish its innocence.

A similar provision passed the House as a standalone bill in November 2024 on a 219-184 vote. 15 Democrats and all but one Republican supported the bill, largely based on allegations that nonprofit groups were supporting Hamas after the October 7 attacks on Israel.”

~ Popular Information
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Just because Congress puts viewpoint discrimination into a law doesn't make it constitutional.

But if they do put it in there, I can't wait to use it to strip all right-wing think tanks who have ever supported the terrorist organization known as Donald J Trump For President. Say hello to poortown, "Alliance Defending 'Freedom'"
 

Conservatives Block GOP Tax Megabill, Demand Changes​

Republican holdouts in committee vote seek more savings from Medicaid, faster wind down of clean-energy breaks​


🎁 —> https://www.wsj.com/politics/policy...23?st=cWLpuM&reflink=mobilewebshare_permalink

“… The holdouts Friday, including Reps. Chip Roy of Texas, Ralph Norman of South Carolina, Josh Brecheen of Oklahoma and Andrew Clyde of Georgia, blocked the Budget Committee from advancing the legislation. The panel blocked the bill on a 16-21 vote, with those four Republicans and Rep. Lloyd Smucker (R., Pa.) joining all Democrats in opposition. Smucker, who backs the bill, said he voted no for procedural reasons, so he can call for a revote later.

Budget Committee Chairman Jodey Arrington (R., Texas) said lawmakers could go home for the weekend and that the panel hoped to resume Monday morning.

“This bill falls profoundly short,” Roy said, adding that discussions were continuing and possible through the weekend. “I am a no on this bill unless serious reforms are made.”

Roy and others want Medicaid work requirements to start sooner than 2029, as the current bill does. They want faster removal of clean-energy tax credits, which the current bill phases out over several years. They warn that the bill, as written, front-loads tax cuts in the next few years and delays spending cuts. That combination, they argue, means that budget deficits could be significantly higher in the short run.…”
 
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