Washington

The tax exemption appears to be in realistic danger as House Republicans seek to offset the cost of extending the Trump tax cuts.

The House document outlining potential policy changes focuses heavily on the healthcare sector to generate savings.

Unfortunately, a vocal minority believes eliminating the longstanding tax exemption on local, state, and municipal bonds is one way to pay for extending tax cuts.

Sources on the Hill indicate that whatever gets cut will come from that list. But that doesn't mean that everything on the list is going to get cut.

The Municipal Securities Rulemaking Board Thursday announced the members of its 2025 advisory groups.

Among the materials for lawmakers is a new report estimating the tax exemption saves issuers $824 billion through 2035.

Treasury Secretary nominee Scott Bessent sparred with the Senate Finance Committee over the future direction of fiscal policy in the Trump administration that will be trying to tackle major tax legislation.

OMB director nominee Russell Vought said he supports allowing the president to redirect funding away from state and local governments, bypassing the congressional appropriations process.

The former congressman from Wisconsin saw bipartisan support Wednesday during a friendly Senate confirmation hearing.