ASAToday for July 3rd, 2025

Debt Limit Debate House Republicans have set goals on the debt limit. “It says that we don’t want to agree to a debt limit without some sort of a control mechanism, budget reforms, spending reforms,” Rep. Hill (R-AR) said of the agreement, declining to elaborate on any concrete requirements regarding a debt-limit vote. Rep. Roy…

IRS Funding Rescission The House voted to cut nearly $80 billion from the IRS over the next decade. The agency said that the funds were to be used to hire personnel to address tax enforcement and improve taxpayer services and technology.  The House GOP’s rationale for the proposed cut is to try and prevent 87,000…

Taxes and Regulatory Concerns on the Horizon Taxes: While, the omnibus spending bill that passed at the end of 2022 included a number of provisions (good and bad).  In particular, the bill did not address a number of expiring and expired tax provisions.  Notably among these is the deduction for research and development (R&D) investment. …