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House Passes Reconciliation Package, with Senate Expected to Make Changes: On May 22, the House of Representatives passed H.R. 1, “The One, Big, Beautiful Bill Act,” legislation authorized under the FY 2025 concurrent budget resolution (H. Con. Res. 14). The bill includes a broad range of tax-and-spending provisions developed by 11 House committees. Title XI, the Ways and Means Committee’s tax title, includes tax provisions adopted by the committee on May 14, after a 17-hour markup. Concurrent to the passage of the bill, the House also released a combined committee report on H.R. 1, with Book 1 covering Titles I through X and Book 2 covering Title XI. The Joint Committee on Taxation (JCT) estimated that the tax provisions in the bill will cost a net $3.8 trillion over the next 10 years. Brownstein’s updated section-by-section summary of the House-passed reconciliation package is available here.
White House Releases Additional Details on FY26 Budget Request, with Cuts to IRS: On May 30, the Trump administration released the Technical Supplement to the 2026 Budget (“Appendix”), which follows the May 2 release of the president’s recommendations on discretionary funding levels for fiscal year 2026 (“Skinny Budget”).
Musk, Tesla Criticize Clean Energy-Tax Credit Cuts in House Reconciliation Package: Responding to the passage of H.R. 1, Elon Musk, who recently left the Trump administration and returned to Tesla Energy, the company’s division for solar and battery manufacturing, wrote in a post on social media platform X that “abruptly ending the energy tax credits would threaten America’s energy independence and the reliability of our grid.” The post urged Congress to adopt a “Sensible wind-down” of the Section 25D Residential Clean Energy Credit and the Section 48(e) Energy Credit bonus for low-income communities. Adding to his criticism of the bill for not embracing DOGE cuts, Tesla CEO and former Special Advisor to the President Elon Musk added that the bill affects tax credits for electric vehicles and solar energy while maintaining oil and gas tax incentives.
Sen. Whitehouse Leads Letter Questioning IRS Cuts and Enforcement: On May 28, Sens. Sheldon Whitehouse (D-RI), Ron Wyden (D-OR), Richard Blumenthal (D-CT), Ben Ray Luján (D-NM), Jack Reed (D-RI), Bernie Sanders (I-VT), Chris Van Hollen (D-MD), Raphael Warnock (D-GA), Elizabeth Warren (D-MA) and Peter Welch (D-VT) sent a letter to Treasury Secretary Scott Bessent requesting that his department analyze how cuts to Internal Revenue Service (IRS) personnel and enforcement services may affect oversight and audits of high-income taxpayers. The lawmakers stated that Secretary Bessent had claimed that fewer auditors at the IRS would not reduce revenue collection, following up on a report by the Treasury Inspector General for Tax Administration (TIGTA) finding that the IRS reduced its enforcement staff by 31% due to firings and deferred resignations of agency employees. The senators requested Secretary Bessent to answer several questions concerning whether the department has analyzed the effects of the loss of revenue agents on revenue collection, customer service and modernization.
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