Finance Committee Republicans: Congress Should Close the Book on the Failed Book Minimum Tax
Washington, D.C.–Republican members of the Senate Finance Committee, led by Ranking Member Mike Crapo (R-Idaho), urged Senate colleagues to reconsider efforts to implement a tax on financial statement income of U.S. companies, or a “book minimum tax,” detailing the problematic and unaddressed issues that have resulted from such proposals in the past. As the senators […]
Crapo Statement on Largest Inflation Spike in Decades
Washington, D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) released the following statement after data for the personal consumption expenditures (PCE) price index, a measure of consumer prices, jumped to 5.8 percent today. “Prices for goods and services are rising at the fastest pace in decades. According to data released today, inflation in […]
Finance Committee Republicans: EV Provisions Unfairly Favor Certain Companies, Hurt American Workers, and Undermine America’s Trade Interests
Washington, D.C.–Republican members of the Senate Finance Committee, led by Ranking Member Mike Crapo (R-Idaho), sent a letter to Senate colleagues highlighting concerns with the proposed electric vehicle (EV) provisions under discussion in the Build Back Better Act (BBBA). The senators note the EV provisions in the BBBA limit consumer choice, discriminate against American […]
Finance Republicans: Innovation-Killing Government Price Control Mandates Must Not Become Law
Washington, D.C.–Republican members of the Senate Finance Committee, led by Ranking Member Mike Crapo (R-Idaho), sent a letter to Senate colleagues emphasizing the wide-ranging drawbacks of the drug price control mandates contained in the House-passed Build Back Better Act (BBBA). The senators note the tax-and-spending proposal includes a number of problematic drug pricing provisions […]
Record-High Inflation Greatest Threat to Economic Recovery
Washington, D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) released the following statement after the December Producer Price Index (PPI) release showed record-high producer prices: “On the heels of December’s 7 percent rise in consumer prices, today’s record-high producer price inflation reading of 9.7 percent shows even more inflation in the pipeline for consumers […]
Crapo Statement on Inflation Reaching Nearly 40-Year High
Washington, D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) released the following statement after the December Consumer Price Index (CPI) release showed inflation surged 7 percent year over year, the fastest rate since 1982. “Consumer price inflation accelerated to 7 percent in December, the highest rate in nearly 40 years. The high and accelerating […]
Finance Republicans Demand Treasury Analysis of OECD Agreement
Washington, D.C.–U.S. Senate Finance Committee Republicans, led by Ranking Member Mike Crapo (R-Idaho), wrote to Treasury Secretary Janet Yellen renewing requests for information regarding international tax negotiations. To date, Treasury has been unwilling or unable to fully engage with Congress to provide details on the negotiations, which will have a significant impact on American workers, […]
Finance Republicans Raise Privacy Concerns with IRS Collaboration
Washington, D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and Finance Committee Republicans are asking the Internal Revenue Service (IRS) for information on a recent collaboration with the non-profit group Code for America (CFA), a partnership aimed at helping Americans file for child tax credits. In the letter, the members raise several concerns […]
Average Americans Will Pay $3,500 Inflation Tax in 2021
Washington, D.C.–The Penn Wharton University of Pennsylvania Budget Model released an analysis today showing average U.S. households will spend $3,500 more in 2021 just to keep up with inflation, with lower-income households particularly feeling inflation’s sting. U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) says that if the Democrats’ reckless tax-and-spend bill is passed, […]
A Supersized IRS: More Audits, Investigations and Tax Enforcement for Americans
Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho), the top Republican of the Senate Finance Committee, led a news conference with Republican Senators on Democrats’ plans to nearly double the budget of the Internal Revenue Service (IRS), which will lead to increased audits and investigations of every American taxpayer. Highlights from the news conference: Senator Mike […]