Tax Policy Update - July 1, 2014

NUMBER OF THE WEEK: 4

As in the 4th of July. Surely there is no more important number in tax policy than the number that gave rise to the birth of our great nation ... to which we pay our federal taxes. Also, tax wonks everywhere could use a nice vacation. Have a happy and safe 4th!

LEGISLATIVE LANDSCAPE

Senate: Highway Bill Markup Hangin' at Rest Stop. Senate Finance Committee Chairman Ron Wyden (D-OR) unveiled a $7.6 billion modified Chairman's Mark of a short-term highway funding bill during what was supposed to be a markup of the legislation. The markup was postponed after Wyden announced more bipartisan negotiations were needed and would continue during the July 4th recess. The Highway Trust Fund is expected to become insolvent before the end of summer, and Wyden said he will also work with House Ways & Means Chairman Dave Camp (R-MI) to construct a bill that is viable in both houses of Congress and ready for the president's signature before the trust fund