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Bipartisan Tax Deal Hinges On Next Two Weeks

US
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Beltway insiders report mixed signals on the USD$78 billion bipartisan tax deal negotiated by Senate Finance Committee Chair Ron Wyden (D-OR) and House Ways and Means Committee Chair Jason Smith (R-MO). Last month, the bill appeared likely to terminally stall in the Senate Finance Committee amid opposition from ranking Republican Mike Crapo (R-ID) who was reportedly unwilling to pass any major Democrat wins on child tax credits in light of Republicans' high probability of retaking the Senate next year.

  • The Washington Post notes: “Privately, some GOP lawmakers have said they’re increasingly willing to support the bill with small changes that the measure’s Democratic sponsor has already offered … but don’t want to outwardly break with a well-liked and powerful member of their caucus, [Crapo] … Ultimately, public support for the bill hinges on Crapo’s stance in negotiations…”
  • Punchbowl News reports more pessimistically: “Congress’ two-week work period beginning today is likely the bipartisan tax bill’s last real hope. And that hope isn’t high at all.”
  • Punchbowl adds that backers of the bill, “are keenly aware that any shred of possibility of passing the bill begins to disappear after the tax filing season closes on April 15. Winning over Senate Republicans only gets more politically fraught as the election draws closer and changes to 2023 taxes get later.”
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Beltway insiders report mixed signals on the USD$78 billion bipartisan tax deal negotiated by Senate Finance Committee Chair Ron Wyden (D-OR) and House Ways and Means Committee Chair Jason Smith (R-MO). Last month, the bill appeared likely to terminally stall in the Senate Finance Committee amid opposition from ranking Republican Mike Crapo (R-ID) who was reportedly unwilling to pass any major Democrat wins on child tax credits in light of Republicans' high probability of retaking the Senate next year.

  • The Washington Post notes: “Privately, some GOP lawmakers have said they’re increasingly willing to support the bill with small changes that the measure’s Democratic sponsor has already offered … but don’t want to outwardly break with a well-liked and powerful member of their caucus, [Crapo] … Ultimately, public support for the bill hinges on Crapo’s stance in negotiations…”
  • Punchbowl News reports more pessimistically: “Congress’ two-week work period beginning today is likely the bipartisan tax bill’s last real hope. And that hope isn’t high at all.”
  • Punchbowl adds that backers of the bill, “are keenly aware that any shred of possibility of passing the bill begins to disappear after the tax filing season closes on April 15. Winning over Senate Republicans only gets more politically fraught as the election draws closer and changes to 2023 taxes get later.”