Finance Chairman Ron Wyden (D-OR) issued a statement in which he said in part: “The Finance Committee has been working on a menu of options that the Committee should consider. Our proposals are divided into four categories: multinational corporations, the wealthiest individuals, law enforcement against wealthy tax evaders, and savings from other programs. Many of these proposals have been introduced – Wyden-Brown-Warner`s international tax framework to ensure mega-corporations pay their fair share, laws to extend the transmission deduction while dedicating it to small businesses on Main Street, laws to close the loophole for private equity tycoons, and laws to ensure that wealthy investors pay taxes on investments underlying derivative contracts. to name a few. In addition, the framework also instructs tax committees to pursue certain tax proposals that would also reduce tax revenues. The memorandum, released on August 9, 2021, contains the following high-level tax policy guidelines that will be reviewed by tax committees: On Monday, August 9, Senate Democrats released the text and documents in support of the fiscal 2022 budget resolution, which includes budget instructions for House and Senate committees as they develop policies, to respond to the $3.5 trillion budget vote package by which Democrats in Congress will attempt progressive progressive policies, likely without Republican support. It also recommends levels and amounts for the discretionary administrative costs of social security and the postal service for the purposes of budget implementation in the Senate. The resolution contains voting instructions that (1) direct several Committees of the House and Senate to report on bills that will increase the deficit in fiscal year 2022-2031 by a maximum amount set for each committee, and (2) direct the Senate Finance Committee and the House Ways and Means Committee to report bills that will reduce the deficit by at least $1 billion. of dollars in fiscal year 2022-2031.

The Senate is expected to complete its work on the fiscal year 2022 budget resolution and proceed to the vote this week before adjourning the summer recess. At this point, it`s unclear when the House of Representatives will begin work on bipartisan infrastructure legislation or the fiscal year 2022 budget resolution. In recent statements, House leaders and other members of the House of Representatives have indicated that they will not proceed to a vote on bipartisan infrastructure legislation until the House also receives the Senate`s fiscal year 2022 budget resolution. As the House is currently on recess until mid-September, it is unlikely that either of the two packages will be presented to the House by then, unless house management recalls its members to the meeting. Given that the House of Representatives and the Senate must agree on the budget resolution for fiscal year 2022 before the resulting legislation can continue to use budget voting procedures (which allow legislation to be passed by a simple majority in the Senate), we expect that committee mark-up activity and votes in the House of Representatives and/or Senate will result. the resulting tax legislation can also be postponed until the autumn. Senate Budget Committee Chairman Bernie Sanders (I-VT) released the fiscal 2022 budget resolution on Aug. 9 with voting instructions for a potential democratic priority package of $3.5 trillion that can be passed by a simple majority in the Senate.

Reconciliation instructions are addressed to the 15. September so committees can submit their voting bills, meaning the tax increases identified to fund the reconciliation law might not be known by then. The resolution sets sales targets for voting, but does not prescribe any political details. Senate Majority Leader Chuck Schumer (D-NY) said: “The budget resolution gives committees a target date of September 15 to introduce their reconciliation legislation. We will work towards that goal and we will meet as a caucus during the week of the 15th to consider the bill. While the House of Representatives has yet to offer a correlation with the Senate`s Democratic Memorandum, President Waters released on August 8. In July, a statement saying that President Biden had “assured me that housing would be included in reconciliation,” adding: “To say that the pandemic has destabilized an already unstable housing market is an understatement. The chronic lack of affordable housing in our country has resulted in millions of people, at all income levels, struggling to pay their housing costs and, at worst, excluding people from homeownership, leading to forced displacement or auctioning of people, and exacerbating our homelessness crisis.

“At the launch of their ambitious $600 billion housing package on September 15, €600 billion. In July, well beyond the $339 billion the committee projected in the budget, Waters said in a statement: “For the first time in a generation, we have a real chance to solve these deep-rooted problems in our housing system. We can end homelessness. We can make rental apartments affordable. We can pass on the American dream of homeownership. We can do all this by finally making the investments that we have postponed, reduced or refused for years. The Reconciliation Act provides us with a unique opportunity to provide the housing resources our country desperately needs. The budget decision and a note summarizing the instructions for reconciliation are available here. .