Let Your Voice be Heard by Congress; 5 Minute Survey
Senate Budget Committee Marks Up FY 2025 Budget Resolution: On Feb. 12, the Senate Budget Committee advanced a fiscal year (FY) 2025 budget resolution by a party-line vote of 11-10. The resolution includes the following spending instructions, mirrored for the corresponding House committees, that direct committees to report reconciliation legislation that would increase the federal deficit by up to the specified amount.
House Budget Committee Marks Up FY 2025 Budget Resolution: On Feb. 13, the House Budget Committee advanced a fiscal year (FY) 2025 budget resolution by a party-line vote of 21-16. The resolution includes the following spending instructions that direct committees to report reconciliation legislation that would increase the federal deficit by up to the specified amount from FY 2025 through FY 2034.
Thune, Feenstra Introduce Bill to Permanently Repeal Estate Tax: On Feb. 13, Senate Majority Leader John Thune (R-SD) reintroduced the Death Tax Repeal Act (S.587), which would permanently repeal the estate tax, commonly referred to as the “death tax.” In his press release, Leader Thune noted that the estate tax can often disproportionately affect family-owned businesses and farms, creating an undue tax burden. The bill has 45 cosponsors of the Senate Republican Conference, including Senate Finance Committee Chairman Mike Crapo (R-ID). Companion legislation (H.R. 1301) was introduced in the House by Rep. Randy Feenstra (R-IA) and has 175 cosponsors, including Democratic Reps. Sanford Bishop (D-GA), Don Davis (D-NC) and Dan Goldman (D-NY).
Trump Issues Memorandum with Plans to Impose ‘Reciprocal Tariffs’: On Feb. 13, President Trump signed a memorandum directing the secretary of commerce and U.S. trade representative (USTR) to review all tariffs imposed on U.S. exports as well as other non-tariff trade barriers that undermine U.S. market access abroad. The designated officials are directed to recommend a reciprocal duty amount or other measure that should be applied to each country. The memorandum does not specify which tariff authorities could be used to impose reciprocal tariffs. Instead, it states that USTR and the Commerce Department “shall initiate, pursuant to their respective legal authorities, all necessary actions to investigate the harm to the United States from any non-reciprocal trade arrangements adopted by any trading partners.”
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