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Punchbowl: Lawmakers expect a bigger workload in a post-Chevron world ($)
The Supreme Court’s decision earlier this year to overturn the Chevron doctrine was one of the most consequential in the realm of federal policymaking in decades. It will give agencies far less discretion in how they implement laws and will make the courts — not regulators — the arbiters of how legislative gray areas should be interpreted. Most of the attention has focused on how agencies will handle the fallout from the ruling. But it will also have a big impact on how Congress writes laws, something members are just now trying to wrap their minds around. In short, Congress may have to be much more prescriptive in how it writes bills if it doesn’t want the details hammered out in the courts. Republicans love the Court’s decision while Democrats loathe the ruling. But now both parties will have to deal with its repercussions. More work ahead: Senate Finance Committee Chair Ron Wyden (D-Ore.) said the panel has always emphasized being as explicit as possible when writing tax bills to make Congress’ intent clear. But in the wake of the Chevron decision, he told us staff will be working harder to be sure they’re specific and direct when crafting laws. “We’re going to focus on trying to do even more,” Wyden said. … Sen. Bill Cassidy (R-La.), who cheered the Chevron decision, also said his aides on the HELP Committee, where he’s ranking member, are discussing how the ruling affects the process of drafting bills. Cassidy said he hopes the ruling will impact how Congress writes tax laws.
The Wall Street Journal: Kamala Harris’s Tax Increases and Cuts Take Shape ($)
Vice President Kamala Harris’s tax proposals pick up the unfinished business of the Biden administration, pushing to raise taxes on corporations and high-income households while leaving most Americans’ taxes unchanged or lower. Harris, the Democratic nominee for president, would increase taxes by about $5 trillion over the next decade and cut other taxes by more than $4 trillion. The federal government’s total collections—projected at $63 trillion over 10 years—would be little changed, but the Harris agenda would shift who pays. Under her plan, taxes would go up sharply on some high-income households, and top marginal tax rates would reach their highest point since 1986. The wealthiest investors and company founders would encounter sizable capital-gains tax bills that they don’t face under current law. … Harris hasn’t discussed her tax plans in deep detail, but her campaign has indicated her support for President Biden’s proposed tax increases. She rolled out a child tax credit expansion plan earlier this month that went beyond Biden’s agenda. A Democratic sweep of the White House, Senate and House could allow Harris to get many of her fiscal plans enacted, though intraparty disagreements and slim vote margins could prevent the full agenda from becoming law.
POLITICO: Waters: ‘We’ve got to deal with the NIMBYs’ ($)
Rep. Maxine Waters on Thursday signaled plans to tackle housing supply policy if she returns as chair of the House Financial Services Committee. "We’ve got to deal with the NIMBYs — 'not in my backyard,'" the California Democrat told her state's delegation on the sidelines of the DNC in Chicago. "We’ve got the YIMBYs, who say, Let’s get together and work so we can have 'yes in my backyard.' We’ve got to honor that and understand the possibilities." Waters, who is poised to lead Financial Services if Democrats win control of the House, has said housing would be her top priority. Vice President Kamala Harris is floating a slate of housing proposals if elected president. On Thursday, Waters said "I want my gavel back," and "I know how to use it." "Let me tell you, we’ve got some real work to do," she said. "HUD comes under the jurisdiction of the Financial Services Committee." Waters noted there are more than 70,000 people experiencing homelessness in Los Angeles County alone. "We keep sending the money," Waters said. "But we've got to do more."
Reuters: Harris puts housing at center of economic pitch to US voters
Democratic presidential nominee Kamala Harris is promising to build more housing as the centerpiece of an effort to tackle rising costs that have stressed U.S. households and left home ownership beyond the reach of many Americans. While Harris has deliberately steered clear of some policy specifics in her month-old presidential bid, she has laid out detailed plans to spur new construction and reduce costs for renters and homebuyers, largely through tax incentives. … Republican presidential candidate Donald Trump's campaign has also promised to reduce costs through tax breaks and reduced regulations. But on the campaign trail, he has defended local housing restrictions that prevent many types of affordable housing from being built. … At an Aug. 16 campaign stop in North Carolina, Harris called for building 3 million more housing units in four years, on top of the 1 million or so built annually by the private sector, through a new tax credit for developers who build homes aimed at first-time homebuyers and a $25,000 tax credit for those buyers. She also proposed a $40 billion fund to encourage local governments to build more affordable housing, streamlining regulations and expanding rental aid, among other steps. … Trump's position is less clear. The Republican Party's platform calls for boosting home ownership through tax breaks and eliminating regulations, though it does not outline specifics. However, Trump also has spoken against proposals to loosen local zoning restrictions that prevent apartments, duplexes and other forms of affordable housing from being built in neighborhoods reserved for single family houses.
POLITICO: Fifth Circuit pauses Universal Service Fund ruling ($)
The 5th U.S. Circuit Court of Appeals on Monday agreed to halt its July ruling declaring the setup for a multibillion-dollar pot of broadband subsidies unconstitutional — a boon for the FCC as it seeks another look from the Supreme Court. The FCC had requested this stay late Friday, arguing that the ruling could prove disastrous for the millions of beneficiaries of its decades-old Universal Service Fund and saying the circumstances warranted review from the Supreme Court. The court order, signed by Judge Andrew Oldham, said the stay will expire Oct. 1 without action, but that as long as the FCC files its petition on or before Sept. 30, the stay would remain in effect until the Supreme Court rules.
Reuters: Fed's Powell, in policy shift, says 'time has come' to cut rates
Federal Reserve Chair Jerome Powell on Friday endorsed an imminent start to interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the U.S. central bank's 2% target. "The time has come for policy to adjust," Powell said in a highly anticipated speech to the Kansas City Fed's annual economic conference in Jackson Hole, Wyoming. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks." The emphatic pivot from a battle against inflation to a readiness to defend against job loss opens a new chapter for the central bank just as a consequential U.S. presidential election nears. ... Most analysts have forecast the Fed will kick off its policy easing with a quarter-percentage-point rate reduction, the central bank's usual increment. Powell's new emphasis on protecting the job market raises the chance of a bigger cut, especially if the U.S. government's jobs report for August, due to be released on Sept. 6, shows further deterioration in what many policymakers have called a still-healthy job market.
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