There’s spending and tax… Lawmakers continue negotiations on a package of six bills in order to fully fund federal agencies by March 22. And the Senate continues to wrangle over details with the House-passed $79 billion tax package. TaxNotes reports (paywall) that some Senate Republicans have concerns about the retroactivity of some provisions of the bill, including research and development expensing, net interest expensing, and bonus depreciation.  

Fiscal Year 2025 Budget hearings… On Thursday, the Senate Finance Committee will hold its hearing on President Biden’s budget with Treasury Secretary Janet Yellen, as well as the House Budget Committee and the House Appropriations Committee. 

Social Security budget hearings… On Wednesday, the Senate Finance Committee will hold a hearing on President Biden’s proposed budget for the Social Security Administration, and on Thursday, March 21, the House Ways & Means panel’s Subcommittees on Social Security and Work & Welfare will hold a joint hearing with the Commissioner of Social Security, Martin O’Malley. 

And Health and Human Services hearings… The House Ways & Means Committee will hold a field hearing on Monday on access to health care and emergency medical care and a hearing on Wednesday with Department of Health and Human Services Secretary Xavier Becerra on the department’s proposed budget.

Radical income tax simplification might indeed be possible. TPC’s Bill Gale writes about his new paper and project in which he proposes and analyzes several major revenue-neutral proposals for federal income tax reform, each of which would create a simpler and more progressive system. He highlights a new feature on the TPC website that allows anyone to compare their filing requirements and tax burdens under the alternatives and the current system. Learn more at an in-person and virtual event at the Brookings Institution in partnership with TPC, moderated by The Wall Street Journal’s Richard Rubin.   

For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at [email protected].