“Nothing’s impossible, I have found…” The Senate may have revived its effort to repeal and replace the Affordable Care Act with yet another version of the Better Care Reconciliation Act. Majority Leader Mitch McConnell is likely to revise the bill at least once more, this time including sweeteners to satisfy opponents or senators on the fence. Senate leaders insist the chamber will vote on a health bill next week, but it remains unclear which version. So far, McConnell does not even have the votes to start debate.

“For when my chin is on the ground…” Budget and tax woes hit the House (again). The GOP-led House may not have the votes to pass its fiscal year 2018 budget. Where will that leave tax reform? It already looks like the White House is ready to lower expectations. As recently as April the White House called for a 15 percent corporate tax rate. Now, it might be fine with a rate in the 20s.

“Don’t lose your confidence if you slip…” The Finance Committee unanimously sent to the full Senate David Kautter’s nomination as assistant Treasury secretary for tax policy. Kautter is a former Senate staffer.    

“Be grateful for a pleasant trip…” Americans are okay with a gas tax hike to fix roads. The latest Bloomberg poll finds that 55 percent of Americans would back a gasoline tax increase. That support is bipartisan, with 51 percent of Republicans and 67 percent of Democrats favoring the idea. Congress has not increased the federal gasoline tax since 1993.

“Don't you remember the famous men who had to fall to rise again?” Hedge fund managers are gearing up to pay big tax bills in 2018, reports The Wall Street Journal (paywall). For decades, the IRS allowed them to defer taking offshore income. They could avoid paying taxes and, even better, let the cash compound tax-free. The Emergency Economic Stabilization Act of 2008 closed the loophole but the effective date was delayed until 2018. Managers may owe as much as  $25 billion, according to the Joint Committee on Taxation.

But first, a beer. A bipartisan caucus wants to pass the Craft Beverage Modernization and Tax Reform Act that would reduce federal excise taxes on custom brews. Opponents say the biggest beneficiaries would be the country’s largest beverage makers, not small breweries. Cheers?