In legislative activity, lawmakers examine particular priorities in tax policies. The objective is to reform the tax code in 2017. The House, during the third of September, passed a number of targeted tax legislations. It is evident that the Congress will be interested towards more specific duties. They will be done via continued efforts to anticipate the tax reform in 2017.
Both Republican and Democrat lawmakers continue to analyze the perfect response to the proposed regulations concerning debt equity as per section 385 of tax code. Lawmakers from the Republican Party seem to be ready to push their efforts on the recently proposed regulations brought under section 2704 of tax code. It would make a number of changes to the Estate Tax rules. They relate to the valuation practices.
The third week of September saw Margrethe Vestager, the EU Commissioner, visiting Washington for a series of meetings with a number of US officials. The list includes leadership of House and Senate Tax Writing Committees. The objective of the meeting was to solve the continuing fallout from the recent decision of the Commission in Apple EU State case. Kevin Brady, Chairman of House Ways and Means Committee, took advantage of the opportunity to highlight the decision as another reason for reform of tax.
The Senate Finance Committee, during the third week of September, held two bills as markup: the Miners Protection Act of 2016 and Retirement Enhancement and Savings Act of 2016. The former, also known as The Miners Act, seeks to solve the probable loss of pension benefits and healthcare for a large number of people working in the mines. This will be done by allowing the unspent funds from Abandoned Mine Land Fund to be used in pension liabilities and healthcare benefit of the pension fund belonging to United Mine Workers of America. The importance of the bill was discussed by committee members and they also voiced concerns about the future of utilizing money from the taxpayer to buttress any private pension fund. The Committee voted out the 2016 Miners Protection Act and it was reported in a favorable manner to full Senate. Both Republican and Democrat lawmakers supported the action. The aim of the Retirement Act is to raise participation by Americans in the retirement savings plans. It includes, in particular, a measure to expand the employer sponsored plans for retirement in case of small businesses.