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Budget Reconciliation Outlook—Committees Schedule Markups as Congress Addresses Details of Reconciliation Measure: After the two-week recess for Easter/Passover, congressional Republicans returned to Washington looking to finalize tax and other provisions to be included in a comprehensive budget reconciliation bill that President Trump wants to sign this summer, even though the exact timeline remains unclear. While House Speaker Mike Johnson (R-LA) has pushed for House passage by Memorial Day (May 26), that goal is ambitious and may not provide enough time to resolve internal debates on key items (e.g., state and local tax deductions) that Republicans have been working through since the start of the 119th Congress. Treasury Secretary Scott Bessent recently called for passage by July 4, which some House Republicans view as more reasonable, and still ambitious. Of the 11 House committees that have jurisdiction over parts of the reconciliation bill, seven (Armed Services, Education and Workforce, Financial Services, Homeland Security, Judiciary, Oversight and Government Reform, and Transportation and Infrastructure) have scheduled markups for this week. The House Ways and Means Committee has not yet scheduled a markup of the reconciliation bill, although there are indications that Republican leaders would like the tax-writing committee to mark up its part of the bill by the end of next week.
Trump and Johnson Reject Proposal to Raise Taxes on Wealthy: On April 23, House Speaker Mike Johnson (R-LA) publicly stated his opposition to creating a new, higher marginal income tax rate on the most affluent taxpayers, an idea that has been floated in some Republican circles as a potential revenue raiser for the budget reconciliation package. Speaker Johnson said that he is “not in favor of raising the tax rates because our party is the group that stands against that traditionally.” President Trump also expressed skepticism over the political viability of the proposal, stating that while he likes the idea “in concept,” he said that it would likely lead wealthy taxpayers to leave the country.
Hassett Predicts That Tax Bill Will Pass Congress by ‘Early Summer’: On April 18, National Economic Council (NEC) Director Kevin Hassett said that he hopes “that the tax bill [reconciliation bill] will be passed by … early summer,” adding that President Trump should finalize his thoughts on the tax agenda “by sometime next week.” Hassett’s timeline roughly lines up with House Speaker Mike Johnson’s (R-LA) goal of passing a tax bill through the House by Memorial Day (May 26).
Trump Signs Bill to Repeal Biden Administration Crypto Reporting Rules: On April 11, President Trump signed Congressional Review Act (CRA) legislation (Pub. L. 119-5) reversing a Biden administration Treasury Department regulation issued in December 2024 establishing reporting requirements for decentralized finance (DeFi) brokers engaged in cryptocurrency transactions. Under the rule (now overturned), DeFi brokers needed to file IRS Form 1099-DAs for all digital asset transactions conducted, putting them under the same requirements as securities brokers and centralized digital asset trading platforms.
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