www.nwyc.com
Vol. 14 No. 2-16
Monday, May 24, 2010
REVIEW
Financial Regulations Pass Senate: The Senate passed a measure, on a largely party-line vote of 59-39, to reshape regulation of U.S. financial institutions. The bill would create a new regulator charged with safeguarding consumers from risky loans and investments, create a formal process for dismantling large financial companies on the verge of collapse and regulate the derivatives market more closely. The House passed its measure earlier. Now, both chambers will attempt to reconcile their bills. (S.3217) (H.R.4173)
Tax and Benefits Extension Bill Advances: Congress received a summary of sweeping tax legislation, along with the bill text and a partial Congressional Budget Office scoring last week. The measure could approach $200 billion and include such provisions as assistance for disaster-stricken farmers, extra pay for veterans and $1 billion for the National Housing Trust Fund. (H.R.4213)
Disaster Assistance: A proposal for a $1.5 billion agriculture disaster assistance package was included in the tax and benefits extension bill lawmakers are considering. The bill would provide $1 billion in supplemental direct payments to certain farmers who sustained losses in the fall of 2009. (H.R.4213)
Revenue Generators: A proposed change in the tax treatment of “carried interest” earned by real estate investors, venture capitalists and private equity fund managers is included in the Democrat’s tax bill to help pay for some of the costs. Such earnings are now taxed as capital gains. Under the bill, 75 percent of carried-interest earnings would be treated as ordinary income and would be taxed at a higher rate. (H.R.4213)
Mid-Air Refueling Planes: The defense authorization bill headed to the House floor this week could make it more difficult for a U.S.-based unit of a European company to win an Air Force mid-air refueling plane (tanker) contract. Boeing Co. is also vying for that contract, which could be worth as much as $35 billion. (S.3361) (H.R.5136)
New Rules for Political Spending: A panel gave voice vote approval to an amended bill that would provide new regulations for political spending by corporations, labor unions and other organizations. The House Administration Committee voted 5-3 to adopt a substitute amendment that would incorporate Republican proposals to provide exemptions from some of the disclosure rules for radio and TV ads. (H.R.5175)
PREVIEW
Defense Authorization: With $100 billion in contracts, thousands of jobs and a power struggle between Congress and the Obama administration at stake, lawmakers will be deciding whether to remove a provision to spend $485 million on the development of a second type of engine for F-35 fighter jets, or to buy only one model. (H.R.5136)
Employee–Sponsored Pension Plans: Congress is considering a bill that would allow multi-employer plans to spread out their losses over 30 years instead of 15 years and would give multi-employer plans that are in “endangered or critical status” an extra two years to improve their funding levels. (H.R.4213)
The Week Ahead: The Senate is expected to turn to a fiscal 2010 supplemental appropriation bill for war spending, Haiti relief and domestic priorities. The House will take up a compromise package of tax cuts and benefit extensions that Democratic tax writers in both chambers have labored over for weeks.
Click here to view the R&P Report as a PDF
Our Heritage
We the People of the United States of America, in order to form a moreThe Preamble to the Constitution of the United States of America
perfect union, establish justice, insure domestic tranquility, provide for the
common defense, promote the general welfare, and secure the blessings of liberty
to ourselves and our posterity, do ordain and establish this Constitution for
the United States of America.
Posts
No comments:
Post a Comment