Latest news with #MikeCrapo
Forbes
21 hours ago
- Health
- Forbes
What The Senate Budget Bill Would Mean For Older Adults
WASHINGTON, DC - MARCH 14: Senate Finance Committee Chairman Mike Crapo (R-ID) is seen before Dr. ... More Mehmet Oz arrives for his confirmation hearing to lead the U.S. Centers for Medicare and Medicaid Services (CMS). (Photo by Craig Hudson for The Washington Post via Getty Images) The Senate's draft budget bill would cut Medicaid for older adults and people with disabilities even more deeply than the House version. It would scrap a Biden-era minimum staffing rule for nursing homes. And, at the same time, it drops a House proposal to increase tax-free savings that higher-income households could use to buy long-term care insurance or pay caregiving costs. The overall measure, approved by the Senate Finance Committee and likely to reach the Senate floor sometime next week, would cut taxes by trillions of dollars over the next decade and cut spending, though by significantly less. The Congressional Budget Office has not yet calculated the costs of the package. It also is possible Senate GOP leaders will revise the bill before it reaches the Senate floor. However, the current version would make substantial changes to programs affecting older adults, especially those on Medicaid. While Medicaid is widely considered to be a program for poor families, more than half of its benefits go to older adults and younger people with disabilities. About 7.2 million seniors and 4.8 million younger people with disabilities are enrolled in both Medicaid and Medicare. The Senate bill mimics the House measure by limiting the ability of states to tax Medicaid providers, such as hospitals and nursing homes, but it is even more aggressive. Those complex provider taxes make it possible for states to pay providers more and effectively bill most of the additional costs to the federal government, which pays for about 70 percent of the program on average. The House bill would cap these taxes at current levels. The Senate plan would require states to lower their taxes for most providers, though they still could tax nursing homes at the higher levels. The provider tax limits would apply only to the 40 states and the District of Columbia that expanded Medicaid under the Affordable Care Act. Critics call provider taxes a financial gimmick that allows states to boost federal payments for the program. However, the real-world impact would be less federal funding for state Medicaid programs. And that would force states to either cut Medicaid benefits, limit program eligibility, or raise taxes to fill the federal hole. It also likely would result in states scaling back their home and community-based benefits, which are optional under the law, and shift more people to nursing home care, which is required. Like the House version, the Senate bill also would require Medicaid recipients to work. It exempts older adults and people with disabilities from having to work. But it could require some family members who are unable to work because of their caregiving responsibilities to choose between assisting a loved one and losing their own Medicaid benefits. The House bill appears to exempt family members caring for children and younger people with disabilities, but it is not clear whether it protects those staying home to assist frail parents or spouses. The Senate bill is ambiguous in a different way. It would exempt people from the Medicaid work requirement if they are a 'parent, guardian, caretaker relative, or family care giver (as defined in section 2 of the RAISE Family Caregivers Act) of a dependent child 14 years of age and under or a disabled individual.' And what does the RAISE Act say? 'The term 'family caregiver' means an adult family member or other individual who has a significant relationship with, and who provides a broad range of assistance to, an individual with a chronic or other health condition, disability, or functional limitation.' What does that mean? Well, nobody really knows. What does 'significant relationship' mean? What is a 'broad range of assistance?' What happens if two Medicaid recipients are caring for a parent? Which is exempt from the work requirement? Presumably, somebody at the Department of Health and Human Services eventually would have to write regulations to clarify it all. But that could take months, at the very least, especially since the Trump Administration fired so many HHS staffers earlier this year. The Senate bill also adopts many of the House's additional paperwork requirements for those applying for Medicaid or trying to keep benefits. It would block a Biden Administration rule that makes it easier to enroll in Medicare Savings Programs, which allow Medicaid to cover Medicare premiums and cost sharing. Without MSPs, low-income Medicare beneficiaries would have to pick up those costs themselves or buy costly Medicare Supplement (Medigap) insurance. The Senate bill also would effectively scrap Biden rules that would require nursing homes to maintain a minimum level of staff, including aides and Registered Nurses. Nursing homes are fighting those rules in court but a congressional repeal of the regulations would make the legal battle unnecessary. Finally, the Senate bill excludes a change in the House bill that could benefit higher-income people who want to put money away for long-term care. The House version would double the maximum contributions to employer-based Health Savings Accounts, but the Senate measure currently has no provision. The House and Senate are operating on a self-imposed July 4 deadline for passing this huge fiscal bill. It will be important to keep an eye on what happens over the next couple of weeks.
Yahoo
a day ago
- Business
- Yahoo
US retailers support Trump-era tax break bill to boost stability
Retailers across the United States have welcomed tax provisions outlined in the Senate GOP's newly proposed budget bill, describing them as critical steps toward long-term economic stability and investment planning. The Senate Finance Committee, led by Republican Senator Mike Crapo of Idaho, introduced the bill this week. Key elements include the permanent extension of several business tax deductions and the preservation of the current corporate tax rate—moves the retail industry says will help protect jobs and encourage domestic investment. Permanent tax breaks welcomed by industry leaders Central to the bill are three provisions that industry groups have long supported: the 100% bonus depreciation on equipment purchases, the Section 174 R&D amortisation fix, and the EBITDA-based Section 163(j) interest deduction. These measures, if passed into law, would allow businesses to deduct more of their capital and research spending from taxable income. David French, Executive Vice President of Government Relations at the National Retail Federation (NRF), said these tax changes 'enable retailers to continue to invest in their employees, stores and supply chains, and the communities they serve.' French also praised the Senate leadership for providing 'long-term certainty for American businesses and families.' Retailers argue that making these tax breaks permanent is particularly beneficial for mid-sized and large firms that rely on frequent reinvestment in logistics, storefront upgrades and digital infrastructure. Corporate tax rate stability a key concern The bill maintains the 21% corporate tax rate introduced under the 2017 Tax Cuts and Jobs Act. Retailers had raised concerns over a potential increase once current provisions expire at the end of 2025. In response, French said the legislation would 'protect against the $4 trillion tax hike that businesses face' and help alleviate economic pressures that have built up over recent quarters. Maintaining the existing rate is seen by many in the sector as essential to ensuring that U.S. retail companies remain competitive globally. Retailers have also argued that a predictable tax landscape improves their ability to plan hiring, expansion, and innovation efforts—particularly in an environment still recovering from supply chain disruptions and inflation-related challenges. Impact on investment and job creation The NRF stated that the Senate bill 'strengthens incentives for domestic investment' and would support job creation across the country. Retailers contribute an estimated $5.3 trillion to annual GDP and support roughly 55 million US jobs, making the sector one of the largest private employers in the economy. Though some analysts warn that broader implications of the bill—including its effect on federal revenue and long-term deficits—require further scrutiny, the retail industry is calling for quick legislative progress. 'We strongly support measures that maintain the competitive 21% corporate tax rate,' French said. 'This bill alleviates some economic headwinds and strengthens incentives for domestic investment.' As discussions move forward in Congress, industry representatives have signalled they will continue to engage with lawmakers to ensure tax policy supports both businesses and consumers. Navigate the shifting tariff landscape with real-time data and market-leading analysis. Request a free demo for GlobalData's Strategic Intelligence . "US retailers support Trump-era tax break bill to boost stability" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
AU Financial Review
a day ago
- Business
- AU Financial Review
Trump's ‘revenge tax' on super funds, companies may be delayed
Sydney/Washington | Australian companies and superannuation funds in the United States have secured a 12-month reprieve from punitive new taxes that would dramatically increase their costs after Republicans watered down core parts of Donald Trump's so-called 'big beautiful bill'. The Senate Finance Committee and its chairman, Idaho senator Mike Crapo, have moderately eased the potential burden on overseas entities operating or investing in the US, even though lobbyists and tax experts still believe the section 899 law at the centre of their fears is still overwhelmingly negative.
New York Post
2 days ago
- Business
- New York Post
New Senate bill fixes flaws in fed's system to block Chinese land purchases near military bases
Three years ago, the Chinese took advantage of a defect in US protocols to block land purchases near American military bases and almost acquired terrain near Grand Forks Air Force Base in North Dakota. Now, Senate Banking Committee Republicans are championing a new bill titled the 'Protect Our Bases Act,' which is intended to patch up that protocol glitch to ensure the Chinese can't acquire land near sensitive US installations. 'The Chinese Communist Party's efforts to infiltrate and surveil all parts of the U.S national security apparatus requires vigilance from our national security agencies,' Chairman Tim Scott (R-SC), who is introducing the bill, told The Post. 'This legislation will enhance the review of foreign real estate transactions near critical national security installations, helping ensure CFIUS has the information it needs to protect our homeland and keep our nation safe.' It's being co-sponsored by Sens. Mike Crapo (R-Idaho), Mike Rounds (R-SD), Thom Tillis (R-NC), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), Katie Britt (R-Ala.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.), Kevin Cramer (R-ND), and Bernie Moreno (R-Ohio). 3 Sen. Tim Scott warned about the threat that Chinese land purchases near US military bases pose to national security. Ron Sachs – CNP for NY Post 3 The attempted land purchase near Grand Forks Air Force Base in 2022 rattled US security experts. Bloomberg via Getty Images The bill comes weeks after Ukraine's Operation Spider's Web, in which Kyiv is said to have deployed some 117 drones in bases deep within Russian territory and detonated on dozens of aircraft, destroying at least 20 of them. That breakthrough military operation sent alarm bells to militaries around the world over the potential vulnerabilities that bases have to drone strikes. China is widely seen as the global leader in drone production. While the US has existing procedures intended to block Chinese land purchases near critical military outposts, a flaw in the system was nearly exploited in 2022. Back in 2022, Chinese company Fufeng Group, a company that produces sugars, fertilizers and more, attempted to acquire land near Grand Forks Air Force Base in North Dakota. Typically, the Committee on Foreign Investment in the United States (CFIUS) is tasked with investigating foreign transactions in the US and making recommendations on which ones to block. However, at the time, CFIUS concluded that it couldn't review Fufeng Group's attempted purchase because the Department of Defense didn't list the base as a critical site for national security purposes. Ultimately, the City of Grand Forks blocked the purchase, but national security buffs believe it exposed a weakness in US protocols for blocking Chinese land purchases. 3 National security experts have long raised concerns about Chinese land purchases near US military bases. KAZAKHSTAN'S PRESIDENTIAL PRESS SERVICE/AFP via Getty Images The Protect Our Bases Act seeks to address that by requiring agencies in CFIUS to annually update their data on military facilities that need to be designated as sensitive sites and submit annual reports to Congress about its real estate lists. The measure is also intended to make critical records more attainable for CFIUS to use for national security reviews.
Fox News
2 days ago
- Business
- Fox News
STEVE MOORE: The good, the bad and the ugly in the Senate's 'big beautiful' tax bill
Bravo to Idaho Republican Sen. Mike Crapo, who just released the Senate's draft of the tax bill. In many ways, this version is a polished-up improvement from the House bill. Most importantly, it makes virtually ALL the 2017 Trump tax cuts permanent. It also weeds out some of the troubling aspects of the House bill. Its biggest flaw is the shortage of meaningful spending cuts out of our bloated $7 trillion enterprise, but I'm assured by Senate leadership that more cuts are to come this fall when the budget is finalized. Here is my quick assessment of the best and worst features of the tax components of this latest version of the bill that will head to the Senate floor in as little as a week or so: The finish line is now in site. The two chambers aren't too far apart and so reconciling the differences quickly and getting the gemstone of the Trump agenda on the president's desk for signature very soon should be easily achievable. This will be an enormous victory for American families, workers and businesses and will stave off a $4 trillion tax hike on January 1 – something the congressional Democrats seem fine with. Failure is not an option unless some Republicans prefer a suicide mission to blow up the economy and get wiped out in next year's midterm elections.
