Daily Tax Update - February 10, 2017: Senate Confirms Price to Lead Department of Health and Human Services

Senate Confirms Price to Lead Department of Health and Human Services:  Today, the Senate approved Rep. Tom Price (R-GA) to lead the Department of Health and Human Services by a 52-47 vote.  Rep. Price is expected to play a large role in the administration’s effort to repeal the Affordable Care Act. 

White House Counsel of Economic Advisors Will Not Be Part of Trump’s Cabinet:  On February 8, President Trump announced his cabinet, which does not include the chairman of the White House Council of Economic Advisers (CEA).  The CEA has been a part of prior administrations’ cabinets and has advised presidents for over seven decades.  Some say this change is an indication that President Trump is likely to lean more heavily on his advisors at the National Economic Council (NEC), including Gary Cohn, who is the head of the NEC.  For example, it was reported today that Cohn was tapped to lead the development of President Trump’s recently-announced tax reform plan. 

Ways and Means to Hold First Markup Meeting of the Year:  On Tuesday, February 14 at 10:15 a.m., the House Ways and Means Committee will hold a meeting on the following:

  • Adoption of Ways and Means Committee authorization and oversight plan for the 115th Congress
  • Adoption of Ways and Means Committee views and estimates on the Fiscal Year 2018 federal budget
  • Ratification of Ways and Means Committee subcommittee assignments
  • Ratification of appointments to the Joint Committee on Taxation 

IRS Releases February Weighted Average Rates and Yield Curves:  The IRS issued Notice 2017-18, which provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates under section 417(e)(3), and the 24-month average segment rates.  The notice also provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under § 431(c)(6)(E)(ii)(I).