Trump Proposes $4.8 Trillion Budget Plan

The White House on Feb. 10 released a $4.8 trillion budget plan for Fiscal 2021 that outlines the administration’s political priorities heading into the November election. The plan maintains $740.5 billion for the Defense Department but would cut domestic spending while reducing costs to Medicaid and Medicare. Funding for numerous federal programs and agencies would… Read more »

White House Suspends Global Entry for NY Residents

The Trump administration announced yesterday it is temporarily banning New York residents from enrolling in Global Entry and other Trusted Traveler programs, citing the state’s “sanctuary” policies that limit federal access to state driver’s license data. Acting Homeland Security Secretary Chad Wolf said New York’s so-called Green Light Law prevents agencies like U.S. Customs and… Read more »

White House Studying Rules for UBIT Siloing

The Trump administration is close to finalizing guidance on the unrelated business income “siloing” provision enacted as part of the 2017 tax law. According to Bloomberg BNA (subscription required), the White House review office has been studying the IRS proposed rules issued in 2018, signaling that final guidance could be released soon. The change in… Read more »

CBO Predicts Deficit Will Top $1 Trillion

The Congressional Budget Office predicted this week that the federal budget deficit will top $1 trillion annually over the next 10 years unless Congress makes “significant changes to tax and spending policies.” The soaring deficit is fueled by increased borrowing by the federal government, though CBO predicted that interest rates for the next decade would… Read more »

White House Still Planning New Tax Cut Plan

White House National Economic Council Director Larry Kudlow said that President Trump will unveil a new “tax cuts 2.0” proposal this summer as he campaigns for reelection. Kudlow did not provide specifics about the plan but said the goal will be to “help middle-class economic growth.” The White House has met with Rep. Kevin Brady… Read more »