Crapo, Wyden Introduce Wide-Ranging Tax Administration Bill: On Feb. 26, Senate Finance Committee Chairman Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR) introduced S.3931, the Taxpayer Assistance and Service Act, which includes several recommendations from the National Taxpayer Advocate (NTA) as well as other proposals. See What’s Inside.
Thune Seeks Proposals for Reconciliation 2.0: Last week, Senate Majority Leader John Thune (R-SD) began directing committees to develop ideas for a potential “Reconciliation 2.0” package following the One Big Beautiful Bill Act (OBBBA, Public Law 119-21). However, he acknowledged that the very slim margins in the House and Senate make consideration of a budget reconciliation measure difficult to enact. Even after the president’s State of the Union address last week, discussions around a second reconciliation bill continued, with several proposals focusing on issues outside the tax space by members hoping to achieve different legislative goals. See What’s Inside.
Lawmakers Introduce Proposals Targeting Institutional Investors: On Feb. 23, Senate Banking Committee Democrats, led by Sens. Elizabeth Warren (D-MA) and Jeff Merkley (D-OR), introduced the American Homeownership Act. The bill would bar federal tax incentives and housing benefits for large institutional investors, including private equity firms and real estate investment trusts (REITS), and redirect the savings to affordable housing programs. It would also direct antitrust enforcers to review and block bulk corporate purchases of single-family homes. See What’s Inside.
Sanders, Khanna Introduce Federal Wealth Tax: On Monday, Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D-CA) introduced the Make Billionaires Pay Their Fair Share Act. The bill would impose an annual 5% tax on the net value of a taxpayer’s assets exceeding $1 billion. The revenue raised from the bill would be used to provide home health care to seniors through Medicaid and reverse the OBBBA Medicaid provisions. See What’s Inside.
Democrats Discuss 2027 Affordability Agenda During Retreat: Last week, House Democrats gathered in Virginia to develop a 2026 midterm legislative agenda focused on affordability issues such as housing, utilities, groceries and care costs. House Minority Whip Katherine Clark (D-MA) emphasized drafting “simple solutions” such as expanding the child tax credit and raising the federal minimum wage, alongside reversing global tariffs and restoring Obamacare subsidies and safety-net cuts from the OBBBA. See What’s Inside.
IRS Releases Schedule 1-A for OBBBA Deductions: On March 3, the IRS released the new Schedule 1-A and Form 1040 instructions for tax year 2025, detailing deductions from the OBBBA including no tax on tips, no tax on overtime, no tax on auto loan interest, and the enhanced senior deduction. All the new deductions are above-the-line (standard or itemized). The instructions also provide worksheets/examples. See What’s Inside.
IRS Drops New Deductions: No Tax on Tips & More. Urgent Tax Changes Hitting Your Wallet in 2026. Wealth Tax Alert as Sanders-Khanna propose 5% levy on revenue for families.
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