Summer promises a bumpy ride


McConnell will take China’s bill hostage if the Democrats move to reconciliation. In what could be a sign that Democrats are closing in on a scaled-back climate, social spending and tax bill, Senate GOP leader Mitch McConnell made a new threat at the end of last week. He warned that if Democrats push the measure on a party-line vote, Republicans would thwart a bipartisan measure aimed at making the US more competitive with China in the semiconductor and other industries. The House and Senate have been trying for months to agree a compromise version of the China bill. No Senate Republican will vote for a scaled-down Build Back Better bill.

House Appropriations passed the last two of the 12 required funding bills. Panel approved bills to fund the Departments of Labor, Health and Human Services; and housing and urban development. The Senate has yet to consider spending the bill for fiscal 2023. Quoting Bette Davis in “All About Eve” House Appropriations Speaker Rosa Delaro concludes“‘Tighten your seatbelts, it’s going to be a bumpy ride…’ That’s all, July.”

Did the GOP Urge Hungary to Stop the EU’s International Tax Bill? Washington Post reports That US Republican henchmen are working with Hungary’s right-wing government to block an EU agreement on a 15 percent global minimum tax. A member of the Hungarian government says, “We are in constant discussions with the Republicans. There is continuous professional consultation on this issue.” The EU needs a unanimous agreement from its member states to pursue the plan, although the group may have a workaround.

Gas tax relief in two states Georgia Gov. Brian Kempe Motor fuel tax holiday extended For another month by executive order last week. It was supposed to end on July 14, but will now go on till August 13. Illinois delayed the scheduled automatic increase in its gas tax for six months, keeping it steady at 39 cents a gallon.

But petrol taxes are rising elsewhere. Missouri gas tax hiked 2.5 cents to 22 cents per gallon on Friday as scheduled. of maryland gas tax increased by 7 cents 42 cents and Virginia 3 cents to 28 cents. All of these states automatically adjust their gas taxes for inflation.

New Jersey’s budget passes a $50.6 billion budget with estate tax relief. The $2 billion program known as Anchor simplifies and expands New Jersey’s homestead rebate, and provides tax credits of up to $1,500 for homeowners and $450 for renters. Gov. Phil Murphy program says Will cut property tax by 16 percent For the average New Jersey homeowner.

India imposes windfall tax on oil exporters. The government says it wants To raise new revenue from producers’ high overseas profits and increase domestic fuel supplies to meet growing demand.

Congress is not in session. Daily Cut will resume its regular schedule on Monday, July 11.

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