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October 2022 News
GDP Report Shows U.S. Economic Growth in Third Quarter
The U.S. economy grew at an annual rate of 2.6 percent in the third quarter, registering its first increase in 2022 less than two weeks before the midterm elections. The report on gross domestic product, released today by the Bureau of Economic Analysis, reflected a narrowing trade deficit with American Read more
Democrats Continue to Press for End-Of-Year Tax Bill
A group of 51 Democratic lawmakers wrote to House leaders this week urging them to pass a year-end tax bill during the upcoming lame duck session that reinstates the enhanced Child Tax Credit. The New Democrat Coalition letter also calls for tax relief for research and development expenses for American Read more
MD Digital Ad Tax Struck Down
The nation’s first tax on digital advertising was struck down as unconstitutional by a Maryland judge on Oct. 17. Judge Alison Asti of Anne Arundel County Circuit Court said in a ruling that the Maryland law violates the Constitution’s prohibition on state interference with interstate commerce, as well as the Read more
GOP Lawmakers Continue to Question IRS Funding & Agenda
GOP lawmakers continue to signal that they will scrutinize the IRS’s funding and operational priorities should Republicans regain the House majority in the upcoming midterm elections. This week, Rep. Jason Smith (R-MO), a candidate for the House Ways and Means Committee gavel if Republicans flip the house, brought up the Read more
Travel Industry Welcomes Bill to Reduce Visa Wait Times
Travel industry leaders are applauding the introduction of legislation last week to address the long wait times for nonimmigrant visas to visit the United States that are hampering the economy. Last week, Reps. Maria Elvira Salazar (R-FL) and Susie Lee (D-NV) introduced the bipartisan Visitor Visa Wait Time Reduction Act Read more
GOP Senators Want More IRS Spending Oversight
Sen. Mike Crapo (R-ID), ranking member on the Senate Finance Committee, this week urged the Treasury Department to detail its plans for how the IRS will spend $80 billion in new funding it received through the Inflation Reduction Act signed into law this summer. Congressional Republicans have railed against the Read more
Congress Prepping for Busy Lame-Duck Session
Congressional leaders are preparing for a post-election lame-duck session that includes some politically volatile agenda items that could keep lawmakers in Washington past Christmas. Among the must-pass bills in the lame duck is a government spending measure that will carry the government through the next fiscal year. With just hours Read more
Year-End Tax Bill May Depend on Election Outcome
Business and charitable interests continue to press lawmakers on the need for a year-end tax bill following the November midterm elections. There are some “must-pass” priorities that Congress must address no matter the outcome of the elections, such as agreement on FY2023 government spending, but a year-end tax bill could Read more
