reporter @punchbowlnews covering tax and trade
Washington, DC
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Latest Sen. Whitehouse, a key Dem on permitting:
“As with any big bill, there's quite a lot of work to be done, but none of it is work that suggests there’s going to be any problem with getting the bill passed.”
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Catherine Leffert retweeted
🚨News: Collins says any attempt by the administration to politicize grant making at the NIH is “contrary to congressional intent.”
Statement comes after reports in WaPo & Politico that Trump admin is looking to use an EO to overhaul NIH grants
PBN text subs had it first.
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Catherine Leffert retweeted
I’ve interviewed more than a dozen aides involved in the effort to pass the Clarity Act since Tuesday
There’s bipartisan consensus that four things killed the bill: external politics, yes, but also a bad process, wasted time and a crypto industry that could not chill tf out
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Catherine Leffert retweeted
🚨🚨 PENTAGON tells the Hill that Iran war has cost $43.6 BILLION.
big news from @briana_reilly
Breaking: Iran military operations have cost $43.6B as of Sept. 3, according to a new estimate Central Command provided to congressional defense committees this week.
That includes:
~11.2B for ops
~$28.1B to replace expended munitions
~$4.3B for replacing lost equipment
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Catherine Leffert retweeted
Nom latest from @ccleffert & me in AM: IRS chief counsel nominee GADWOOD making rounds w/ key Finance members
Mtg w/ Wyden today, Crapo next week. Has extended offers to meet w/ every Finance member & their staff as he works through confirmation process
Vault subscribers got 1st via text last night
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Catherine Leffert retweeted
Some news here: leaders of CPC, Blue Dogs + New Dems all oppose a caucus rules change
They discussed going to Jeffries as a united front w their opposition but didn’t pan out
New Dem Chair Brad Schneider: “I am going to have my conversations 1-on-1 with leadership”
☀️ AM: JEFFRIES HOLDS BACK, CLARK SWINGS
We’re getting a fresh glimpse into the very different styles inside @RepJeffries Democratic Caucus leadership team – splits and emerging roles that could define a potential Democratic majority.
@WhipKClark has been playing the heavy on @RepMGP, intimating she should be banished from A committees. meanwhile, Jeffries is keeping his powder dry.
punchbowl.news/archive/91726…
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Ways and Means Chair Jason Smith statement on passage:
"The substantial bipartisan support for this bill shows that some Democrats also now recognize that President Trump’s trade agenda is working and can also further America’s interest toward global stability and peace.”
NEWS: House passes bipartisan Russian sanctions legislation 262-159, sending it to President Donald Trump.
58 Democrats vote yes, while just seven Republicans oppose it.
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Post-clarity crypto news (from the tax front)!
The Ways and Means Committee advanced a crypto tax package in a 38-5 vote Wednesday.
The issue has been a priority for Chair Jason Smith (R-Mo.). Rep. Steven Horsford (D-Nev.), rallied Dem support from his party on the bill.
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But Horsford said Wednesday there's "more work to do," pointing to the treatment of staking and mining rewards.
Also included in the bill was a reversal of a tax hike on gamblers from last year's One Big Beautiful Bill.
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Catherine Leffert retweeted
Rep. HORSFORD touting that W&M is marking up reversal of OBBB’s tax hike on gamblers tomorrow - as part of crypto tax package
Big issue for Nevada members
The crypto bill could get a significant bipartisan vote tomorrow, sources in both parties say
My FULL HOUSE Act is getting marked up in the Ways and Means Committee this Wednesday.
Nevadans should not be taxed on income they never actually received. But a mistake added by Senate Republicans last year means you can be taxed even when gaming.
My bill is the only real solution to fix this, and I’m glad we’re moving forward. Nevadans need this fixed, and I’ll get it done.
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Booker on why he voted no: “It allows the corruption of the president to continue and doesn’t do enough on ethics.”
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Pushback on crypto tax! Ways and Means GOP staff had a call with industry this morning to go over the latest bill, sources told me. Some in the crypto world are going to have big hang ups with wording around the treatment of staking and mining rewards.
In Vault texts first:
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Catherine Leffert retweeted
So, to review all the Clarity Act news breaking before 10 a.m.:
- Team Lummis blasts Democrats counter as unserious
- Team Warner says no one should be surprised by the asks
- Team Scott says the text is final
The Senate will vote on the Clarity Act in just over 4 hours
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Catherine Leffert retweeted
WAYS & MEANS notice for Wednesday’s markup includes 114-page crypto tax package
It includes the FULL HOUSE Act, as we scooped
And R’s dropped major provision on when mining & staking rewards are taxed amid standoff w/ Dems. @ccleffert & I reported over the weekend R’s were looking at leaving mining/staking out
Here’s the full W&M bill - waysandmeans.house.gov/wp-co…
Here we go! Ways and Means noticed a Wednesday markup. Updated crypto tax legislation, cobalt mining, a little tax admin and four health care bills.
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Rep. Horsford told me tonight that he supports the latest crypto tax legislation, and thinks it’ll get bipartisan sign-off. He was the Dem to convince, but had issues with previous language about the treatment of staking and mining income.
Here we go! Ways and Means noticed a Wednesday markup. Updated crypto tax legislation, cobalt mining, a little tax admin and four health care bills.
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