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

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Biden tax plan proposal to reinstate a corporate alternative minimum tax (AMT), how it differs from the AMT that was repealed under TCJA, and the tax policy implications of how an AMT would be implemented.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]

Legislative Impact of U.S. Pausing OECD Pillar 1 Digital Economy Discussions

June 23, 2020

Catching Up on Capitol Hill Episode 04-2020 | John Gimigliano, Jennifer Acuna, and Tom Stout discuss the legislative implications of the United States' call to pause negotiations of the Pillar One discussions at the OECD on the project related to digital services taxes. [10:10]

Recent Economic and Social Developments May Affect Legislation Timing

June 18, 2020

Catching Up on Capitol Hill Episode 03-2020 | John Gimigliano, Jennifer Acuna, and Carol Kulish discuss how the week's events—the jobs report and increasing national focus on racial inequality—may impact the timing of additional COVID-19 relief legislation. [11:00]

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]