No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Friday, October 24, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Financial Planning

Johnson kicks off next tax bill work, seeking fall passage

by TheAdviserMagazine
3 months ago
in Financial Planning
Reading Time: 3 mins read
A A
Johnson kicks off next tax bill work, seeking fall passage
Share on FacebookShare on TwitterShare on LInkedIn



House Republicans are starting work on a follow-up to their recently enacted tax-and-spending law, aiming to pass provisions that were removed from President Donald Trump’s “one big, beautiful bill,” Speaker Mike Johnson said in an interview Wednesday with Bloomberg Government.

Johnson (R-La.) aims to enact a second, smaller tax bill “in the late fall” using the budget reconciliation process, he said. He’s trying a second time to successfully write measures that were effectively removed by the Senate parliamentarian from Republicans’ first bill (H.R. 1), aiming to draft them in a way that complies with that chamber’s arcane budget rules.

“It will not be as big. I hope it is as beautiful,” Johnson said.

The follow-up bill represents a smaller attempt to tie up loose threads after the enactment of a law that represents the bulk of Trump’s legislative agenda. It may be a heavy lift for a House Republican Conference that’s fatigued from the long hours of negotiating and frustrated by measures that didn’t become law.

Republicans managed to rally a fractious, narrow majority around a broad bill to extend Trump’s 2017 tax cuts, provide more than $300 billion in defense, border, and immigration spending, and hike the debt limit by $5 trillion. Republicans started planning for the bill in early 2024 and put in “countless hours of work to come up with that final product,” Johnson said.

Possible ingredients

That measure will likely include language to bar states from using their own funds to provide Medicaid to illegal immigrants, House Budget Chairman Jodey Arrington (R-Texas) told reporters Tuesday. That provision was removed from the enacted tax law because it didn’t comply with the rules of the budget reconciliation process, which allows Republicans to pass a bill with a simple majority in the Senate.

Republicans could draft the measure differently to make it more budget-focused, Arrington said.

Johnson said four to five committees will be involved in the second tax bill, including the tax-writing Ways and Means Committee and the Energy and Commerce Committee — fewer than the 11 in the measure signed July 4. He also said Republicans would seek to redraft measures that were pulled from the tax law due to the Senate’s limitation — named after the late Senate Appropriations Committee Chairman Robert Byrd (D-W.Va.).

“There are some priorities that did not make it into ‘reconciliation one’ that are still priorities for people — a couple of things that didn’t survive the Byrd test, and we’re looking at other ways, other angles maybe to try to include that” Johnson said.

It’s worth a try to rewrite some failed provisions, though it won’t be easy, Arrington said.

“It doesn’t mean there’s a guarantee that we’ll get it in there,” Arrington said of the contested provisions, but lawmakers should try “spending more time to nuance the policy so that it meets the test of significant budgetary impact.”

The GOP priorities will broadly revolve around reduced spending and more efficient government, Johnson said, declining to talk about specific tax provisions.

Less enthusiasm in Senate

Senate Republicans haven’t matched their House counterparts’ enthusiasm for a second bill. Lawmakers endured a long slog to enact the bulk of Trump’s agenda in the recently enacted measure. After their August recess, they’ll have to focus on government-funding measures to avoid a shutdown on Oct. 1.

Senate Majority Leader John Thune (R-S.D.) said a follow-up bill would be “a big undertaking,” in a Bloomberg Government interview last week.

“I don’t know,” Thune said. “We’ll see. I mean, I’m not, certainly not ruling it out.”

Johnson acknowledged that House Republicans would be busy in September passing appropriations bills to fund the government beyond the Sept. 30 deadline. Some House Republicans, including Arrington and Freedom Caucus Chairman Andy Harris (R-Md.), have said they may rely on a full-year continuing resolution keeping agencies running at their current budget levels.

But Johnson said he’ll seek to aggressively pass funding bills in September and work with senators on bicameral negotiations. He warned that Democrats are the main barrier to a deal.

“They’re gaming out how they can shut the government down,” Johnson said of Senate Minority Leader Chuck Schumer (D-N.Y.) and House Minority Leader Hakeem Jeffries (D-N.Y.).

Jeffries said Democrats are willing to work with Republicans to fund the government, but a deal “must be bipartisan and bicameral in nature.”

— With assistance from Jonathan Tamari



Source link

Tags: billFallJohnsonkickspassageSeekingtaxwork
ShareTweetShare
Previous Post

How CFOs in tech transform indirect tax to a strategic asset

Next Post

HON Earnings: Everything you need to know about Honeywell’s Q2 results

Related Posts

edit post
*HOT* FREE LEGO Harry Potter Flying Car Set after cash back!

*HOT* FREE LEGO Harry Potter Flying Car Set after cash back!

by TheAdviserMagazine
October 24, 2025
0

This LEGO Harry Potter Flying Car Set is so cute! Looking for a fun new LEGO set to build? Top Cash Back is...

edit post
Weekend Reading For Financial Planners (October 25–26)

Weekend Reading For Financial Planners (October 25–26)

by TheAdviserMagazine
October 24, 2025
0

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that...

edit post
Data Blackout Leaves Fed Guessing Ahead of Rate Decision

Data Blackout Leaves Fed Guessing Ahead of Rate Decision

by TheAdviserMagazine
October 24, 2025
0

The Fed is heading into its October meeting in the dark. The government shutdown, now in its fourth week, has...

edit post
How advisors are using AI without explicit SEC guidance

How advisors are using AI without explicit SEC guidance

by TheAdviserMagazine
October 23, 2025
0

Advisors are often put off by new rules and regulations. But when it comes to generative AI and similar technologies,...

edit post
What financial advisors should know about heirs’ property

What financial advisors should know about heirs’ property

by TheAdviserMagazine
October 23, 2025
0

Estate planning for heirs' property could help families preserve and pass down hundreds of billions of dollars in assets, but...

edit post
Are Air Traffic Controllers the Key to Ending the Shutdown?

Are Air Traffic Controllers the Key to Ending the Shutdown?

by TheAdviserMagazine
October 23, 2025
0

Since the start of the government shutdown, thousands of flight delays have bottlenecked travel at major U.S. airports due, in...

Next Post
edit post
HON Earnings: Everything you need to know about Honeywell’s Q2 results

HON Earnings: Everything you need to know about Honeywell’s Q2 results

edit post
Inside the world of ‘timepiece tourists,’ who spend tens of thousands of dollars on luxury watch-themed vacations

Inside the world of 'timepiece tourists,' who spend tens of thousands of dollars on luxury watch-themed vacations

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

October 9, 2025
edit post
Pentagon orders aircraft carrier to Latin America, boosting U.S. military buildup in the region

Pentagon orders aircraft carrier to Latin America, boosting U.S. military buildup in the region

0
edit post
The Robot Revolution Is No Joke

The Robot Revolution Is No Joke

0
edit post
Bidding Wars and Why Investors Get Fooled By “Affordable” Markets

Bidding Wars and Why Investors Get Fooled By “Affordable” Markets

0
edit post
Coffee Break: Casey Means MD and MAHA, Health Insurance, Coffee Scat, and Big Brother at the Home of the Free Speech Movement

Coffee Break: Casey Means MD and MAHA, Health Insurance, Coffee Scat, and Big Brother at the Home of the Free Speech Movement

0
edit post
Centerbridge seeks Clal Insurance stake

Centerbridge seeks Clal Insurance stake

0
edit post
A New NFT Strategy Is Coming Soon – Here’s More Info

A New NFT Strategy Is Coming Soon – Here’s More Info

0
edit post
Where We Go Next After NY Climate Week

Where We Go Next After NY Climate Week

October 24, 2025
edit post
Pentagon orders aircraft carrier to Latin America, boosting U.S. military buildup in the region

Pentagon orders aircraft carrier to Latin America, boosting U.S. military buildup in the region

October 24, 2025
edit post
Market Talk – October 24, 2025

Market Talk – October 24, 2025

October 24, 2025
edit post
Ontario quickly caves to Trump and promises to pull the offending Reagan ad that killed Canada trade talks

Ontario quickly caves to Trump and promises to pull the offending Reagan ad that killed Canada trade talks

October 24, 2025
edit post
*HOT* FREE LEGO Harry Potter Flying Car Set after cash back!

*HOT* FREE LEGO Harry Potter Flying Car Set after cash back!

October 24, 2025
edit post
Trump taps Michael Selig to lead CFTC: Bloomberg

Trump taps Michael Selig to lead CFTC: Bloomberg

October 24, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Where We Go Next After NY Climate Week
  • Pentagon orders aircraft carrier to Latin America, boosting U.S. military buildup in the region
  • Market Talk – October 24, 2025
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.