Catching Up on Capitol Hill

 

Insights from KPMG professionals on what's happening in Washington that affects business taxation
 

In the Catching Up on Capitol Hill podcast series, you'll hear from KPMG professionals about current developments in Washington and what may happen next. And we'll discuss why it's happening. All with the goal of helping you to make sense of tax policy discussions, understand what the impacts may be on your organization, and aid you as you go about your daily job.

 

 

 

Podcasts

Blue Georgia and the First 100 Days of the Biden Administration

January 8, 2021

Catching Up on Capitol Hill Episode 01-2021 | With Democrats sweeping the Georgia Senate run-off elections, they will simultaneously control the House, the Senate, and the White House for the first time in ten years. Many legislative priorities have accumulated, so exactly where would a Democratically controlled Congress begin? This podcast discusses the legislative outlook for the first few months of 2021. [17:01]

Something for (almost) Everyone: Tax Items in the Year-End Deal

December 22, 2020

Catching Up on Capitol Hill Episode 27-2020 | Congress ended the year with a bang—a 5,500+ page bill that seemed to contain a little something for everyone. And tax was at the center, with COVID tax relief, expiring tax provisions, and new tax policies all finding their way into the package. This podcast reviews how the year-end bill came together, who won, who didn’t win, and what comes next. [19:21]

Treasury in Transition: Changing Administrations in Treasury’s Office of Tax Policy

December 18, 2020

Catching Up on Capitol Hill Episode 26-2020 | With Joe Biden scheduled to be sworn in on January 20, 2021, the transition of administrations is well underway. What does that mean for Treasury’s Office of Tax Policy? Is the outgoing team still hard at work? And how does the incoming team identify staffing needs and priority agenda items? This podcast sheds light on how the transition at Treasury may go. [18:19]

The Purple Scenario: Finding Bipartisan Consensus on Taxes in 2021

December 11, 2020

Catching Up on Capitol Hill Episode 25-2020 | What if 2021 mixes a red Senate with a blue House – what might be on the then tax agenda in that scenario? This podcast looks whether a bipartisan tax legislation is possible, and what items could maybe move forward or be total nonstarters. Also, could the OECD’s ongoing negotiations on BEPS 2.0 be the key to unlocking something more profound? [17:17]

Senate Control: It's Complicated!

December 4, 2020

Catching Up on Capitol Hill Episode 24-2020 | While the country watches the January 5 Georgia run-off elections for the two remaining Senate seats, other dates—including the January 3 swearing in of new Senators and the January 20 inauguration—may be relevant when examining who controls the Senate and what that means for governing. Listen to learn more about the possible implications. [12:13]

The Biden Plan and Budget Reconciliation: The Narrow Path Forward?

November 17, 2020

Catching Up on Capitol Hill Episode 23-2020 | In light of prospective federal election results, the budget reconciliation procedure—allowing simple Senate majority versus a super majority to pass legislation—appears to be the most likely path to enact portions of the Biden tax plan in 2021 (assuming Democrats gain the Senate majority). This podcast explains the rules, process, and limitations of budget reconciliation. [15:10]

Post-Election Edition: What’s in Store for Tax in 2021

November 6, 2020

Catching Up on Capitol Hill Episode 22-2020 | Two days after the U.S. elections, while it appears that the House will remain under Democratic control (with a smaller margin), it is still unclear who will control the White House and Senate and it may be some time before results will be confirmed. In this context, John Gimigliano talks with Carol Kulish and Jennifer Gray to explore the possible scenarios for 2021. [16:40]

After Election Day: What Tax Proposals May Move Forward and When

November 2, 2020

Catching Up on Capitol Hill Episode 21-2020 | John Gimigliano, Tom Stout, and Jen Acuna discuss what tax proposals might come first, later, or not at all following tomorrow's U.S. elections, if there is a change in administration or control of Congress, or not. The legislative calendar, procedural challenges, competing priorities, COVID-19, and the economy are all factors that will play a role. [22:33]

Halloween Special: Night of the Living Tax Extenders

October 26, 2020

Catching Up on Capitol Hill Episode 20-2020 | This year, like most all others, a series of tax provisions, known as “the extenders,” are scheduled to expire on December 31. This podcast highlights a few of these items, discusses why Congress seems to like temporary tax policy, and then examines the dynamics of getting them extended (including so-called “Zombies"—expired provisions that are brought back to life). [22:12]

TCJA Guidance: Built to Last?

October 14, 2020

Catching Up on Capitol Hill Episode 19-2020 | With more than 7,700 pages of guidance on the TCJA already issued (and many more to come), could a change in Administration next year see much of that guidance overturned? John Gimigliano, Jen Acuna, and Tom Stout discuss how the Congressional Review Act, under narrow circumstances, could put TCJA guidance at risk. [22:36]

The Trump Tax Plan: Unfinished Business

October 2, 2020

Catching Up on Capitol Hill Episode 18-2020 | John Gimigliano, Jennifer Gray, and Carol Kulish discuss individual and business tax items that would likely make up a possible second-term Trump tax plan as well as the political and policy hurdles in getting those exacted. [20:00]

The Biden Tax Plan: Offshore Tax Penalty and “Made in America” Tax Credit Proposals

September 24, 2020

Catching Up on Capitol Hill Episode 17-2020 | Candidate Biden has introduced a new tax proposals that are intended to incent job creation in the United States. John Gimigliano, Jen Acuna, and Tom Stout discuss the “carrot and stick” proposals for a 10 percent offshore tax penalty surcharge and a 10 percent “Made in America” tax credit. [14:35]

The Biden Tax Plan: Return of the Corporate AMT

September 21, 2020

Catching Up on Capitol Hill Episode 16-2020 | John Gimigliano discusses with Tom West (former tax legislative counsel at Treasury’s Office of Tax Policy) the Biden tax plan proposal to reinstate a corporate alternative minimum tax (AMT), how it differs from the AMT that was repealed under TCJA, and the tax policy implications of how an AMT would be implemented. [20:29]

Biden's Foreign Minimum Tax Proposal: Not GILTI?

September 4, 2020

Catching Up on Capitol Hill Episode 15-2020 | It’s widely reported that Biden would “raise the GILTI rate” on foreign income. But is that really his plan, or is he looking at something closer to President Obama’s minimum tax proposal? Danielle Rolfes (who helped write the Obama tax plan while at Treasury), Jen Acuna (principal drafter of GILTI), and John Gimigliano to compare the approaches to taxing foreign income. [20:03]

The Biden Tax Plan: Increasing the Capital Gains Tax Rate (Part Two)

September 3, 2020

Catching Up on Capital Hill Episode 14-2020 | John Gimigliano, Jennifer Gray, and Tom Stout continue to consider the Biden proposal to raise the capital gains tax rate. Specifically, they discuss taxpayer behavioral effects of an increase in the capital gains rate, including estate tax changes, and the possibility of a need for a mark-to-market regime to make Biden’s plan work. [16:48]

The Biden Tax Plan: Increasing the Capital Gains Tax Rate (Part One)

August 28, 2020

Catching Up on Capitol Hill Episode 13-2020 | John Gimigliano, Jennifer Gray, and Tom Stout from the KPMG Federal Legislative & Regulatory Services group analyze Biden’s proposal to increase the capital gains rate to 39.6% for wealthy individuals, including the arguments both for and against taxing ordinary income and capital gains and dividends at the same rate. [14:31]

The Biden Tax Plan: Increasing the Individual Tax Rate on Ordinary Income

August 21, 2020

Catching Up on Capitol Hill Episode 12-2020 | The Biden tax plan would restore the top rate on ordinary income to Obama-and-Clinton-era levels of 39.6%. Compared to other Biden tax proposals, this appears to be a relatively modest change. So, what does this mean for most taxpayers, and are there collateral considerations? John Gimigliano, Jennifer Acuna, and Tom Stout provide their insights. [16:51]

The Recent COVID-Related Executive Actions and Implications for Legislation

August 14, 2020

Catching Up on Capitol Hill Episode 11-2020 | John Gimigliano, Jennifer Gray, and Carol Kulish from the Federal Legislative & Regulatory Services group of the KPMG Washington National Tax practice try to answer the question of how the recent executive actions from the administration might affect Congressional efforts to enact further COVID-19-relief legislation. [16:11]

The Biden Tax Plan: The Corporate Tax Rate Proposal

August 7, 2020

Catching Up on Capitol Hill Episode 10-2020 | The Biden tax plan would increase the corporate rate from 21 percent to 28 percent. But history suggests there’s more to consider in that proposal than just changing a rate in the tax code. John Gimigliano, Jen Acuna, and Tom Stout discuss the collateral effects, the potential timing, and possible effective dates of a rate change. [18:43]

COVID Relief: Looking at the Senate’s HEALS Act

July 29, 2020

Catching Up on Capitol Hill Episode 09-2020 | The Senate has released its next COVID relief plan, the HEALS Act, which presents both interesting policy and procedural aspects. Carol Kulish and Jennifer Gray join John Gimigliano to discuss why HEALS looks the way it does and where it might be headed. [16:20]

The Biden Tax Plan: Highlights on What We Know

July 20, 2020

Catching Up on Capitol Hill Episode 08-2020 | John Gimigliano, Jennifer Acuna, and Tom Stout from the Federal Legislative & Regulatory Services group of the KPMG Washington National Tax practice continue the discussion of what to expect from Candidate Biden’s tax plan, its connection to the former Obama tax plan, and how tax plans have worked through the legislative process in the past. [13:55]

The Biden Tax Plan: Where Is It?

July 17, 2020

Catching Up on Capitol Hill Episode 07-2020 | Candidate Biden has not yet released a formal tax plan. Will we see one and if not, why not? John Gimigliano, Jennifer Acuna, and Tom Stout from the Federal Legislative & Regulatory Services group of the KPMG Washington National Tax practice discuss the prospects for more detail from the Biden campaign and how influential presidential tax plans have been in the past. [12:58]

The EU State Aid Decision and U.S. Tax Legislation

July 17, 2020

Catching Up on Capitol Hill Episode 06-2020 | With a major ruling this week in favor of the taxpayer in the ongoing State Aid controversy with the European Commission, John Gimigliano, Jennifer Acuna, and Tom Stout from the Federal Legislative & Regulatory Services group of the KPMG Washington National Tax practice look at how the State Aid issue shaped the TCJA and how it might shape future tax legislation. [13:31]

Going Nuclear: Revisiting the Senate’s Parliamentary Rules for Supermajority Votes

July 8, 2020

Catching Up on Capitol Hill Episode 05-2020 | There are growing calls eliminate the Senate supermajority vote for passage of legislation. How might such a change affect the future of tax? John Gimigliano, Jennifer Gray, and Carol Kulish from the Federal Legislative & Regulatory Services group of the KPMG Washington National Tax practice discuss the potential impact of eliminating the 60-vote filibuster in the Senate. [15:16]

HEROES Act Negotiations Unpacked: Tax Components

June 10, 2020

Catching Up on Capitol Hill, Episode 02-2020 | John Gimigliano, Jennifer Acuna, and Tom Stout continue their discussion from Episode 01-2020 on COVID-19 relief legislation, focusing on the HEROES Act passed by the House of Representatives and the Senate's possible response. [13:25]

How Might Congress Enact Additional COVID-19 Relief Legislation

June 9, 2020

Catching Up on Capitol Hill, Episode 01-2020 | John Gimigliano, Jennifer Acuna, and Tom Stout from the Federal Legislative & Regulatory Services group of the KPMG Washington National Tax practice discuss whether, when, and how Congress might enact additional COVID-19 relief legislation. [14:51]