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Senate Finance Committee Staff Report: Tax Reform Options for Economic Security -- Health, Retirement, Life Insurance, Fringe Benefits and Executive Compensation (PDF)

"Following are several potential goals that could serve as guidelines for the [Senate Finance Committee] when reviewing the tax rules that affect the economic security of Americans: [1] Minimize the disruption to business practices and employee expectations inherent in any fundamental tax reform; [2] Simplify the taxation of retirement savings and health insurance; [3] Increase the number of people with enough resources for an adequate standard of living in retirement, and expand access to health insurance; [4] Maximize the bang-for-the-buck of any tax incentives that are retained or reformed; [6] Develop neutral rules regarding compensation and fringe benefits to ensure that business needs and not tax planning drive compensation decisions, while minimizing compliance costs[.]"

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Finance Committee Staff Memorandum Re: S. 1783 - The Pension Security and Transparency Act of 2005 (PDF)

15 pages. Excerpt: The Finance Committee and the HELP Committee have reached a bipartisan compromise on a combined pension bill for full Senate consideration. The compromise has been introduced as S. 1783, the 'Pension Security and Transparency Act of 2005' ('S. 1783'). S. 1783 combines provisions of the Finance reported NESTEG bill and the HELPreported Defined Benefit Security Act.

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Background Materials for Senate Committee on Finance Roundtable on Health Care Financing

Excerpt: The Senate Committee on Finance has scheduled a roundtable on health care financing for May 12, 2009. As background for this roundtable, at the request of Chairman Baucus, the staff of the Joint Committee on Taxation has prepared background material relating to present-law tax expenditures related to health care and the Administration's fiscal year 2010 budget proposal to reduce the value of itemized deductions claimed by certain taxpayers. The Administration's proposal is intended to offset the cost of health care reforms.  MORE >>

Testimony before Senate Finance Committee Hearing on Health Care Costs (PDF)

"When you go shopping for a car, you know its price: it's right there on the window, and there are numerous sources for information about key aspects of quality. When you are booking a hotel room, likewise, it's easy to know the charges and to instantly access evaluations on everything from the cleanliness of the bathroom to the friendliness of the front-desk staff. Yet, when it comes to our health care system, it has been virtually impossible for a consumer to find out what it will cost for any given procedure or course of treatment, and to determine whether the quality of care is worth the price. This makes no sense from either a market or medical perspective."

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Senate HELP Committee Releases Majority Staff Report Exposing Depth of Retirement Crisis Facing Working Class Americans

"Key findings from the report include: [1] Nearly half of Americans 55 and older have no retirement savings. [2] 52 percent of Americans 65 and older are living on less than $30,000 annually and one in four survive on less than $15,000 per year. [3] Nearly 5.3 million Americans 65 and older live in poverty, roughly 1 in 10 seniors. [4] Nearly half of all Americans are at risk of a financially insecure retirement, up from one in three workers in 1983. [5] The average monthly Social Security benefit in 2023 was only about $1,782, or $21,384 annually. [6] The top 20 percent of earners receive 63 percent of the $202 billion in annual income tax breaks for retirement accounts, while the bottom 60 percent receive just 13.4 percent of these breaks."

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Senate Finance Committee Hearing: The Rising Cost of Health Care

Video of November 19 hearing, with testimony by: [1] Douglas Holtz-Eakin, Ph.D.. American Action Forum; [2] Jason Levitis, Urban Institute; [3] Brian Blase, Ph.D., Paragon Health Institute; and [4] Bartley Armitage. Eugene, OR.  MORE >>

Bipartisan Group of Senate Finance Committee Members Establishes Paid Family Leave Working Group

"On May 22, 2019, members of the U.S. Senate Finance Committee, which has jurisdiction over federal tax policy and significant health care policy, announced a bipartisan working committee of Finance Committee senators to consider the issue of federal paid family leave policy. The paid family leave working group plans to meet regularly and devise a list of principles on which all member senators reach agreement by consensus."  MORE >>

Senate Finance Committee Side-by-Side Chart Comparing Tax Provisions of House and Senate Stimulus Measures (PDF)

Excerpt: This chart indicates notable differences between the Senate-passed and the House-passed versions of the American Recovery and Reinvestment Act of 2009. This chart includes amendments accepted by the Senate, including the Collins-Nelson (NE) compromise amendment. Additional minor differences, such as the commissioning of various studies in the two bills, may exist[.]

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Senate Finance Committee Releases Text of Committee-Approved Tax Bill

Documents pertaining to the Tax Cuts and Jobs Act, as passed by the Senate Finance Committee: the text of the bill, a section-by-section description of the bill, and the Joint Committee on Taxation's score of the bill.

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Senate Finance Committee Chairman Criticizes House Proposal on Multiemployer Pensions

"[T]he last-minute scheme was rushed through by a few House members in private during the final days of the legislative year without consideration by the Senate Finance Committee and other committees of jurisdiction. That flawed process has produced a lopsided solution leaving existing retirees to shoulder a disproportionate share of sacrifice. It also will result in the rolling back of a major tenet enshrined in pension law -- never take away money a pensioner has already earned."

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Senate Finance Committee Unanimously Approves Pension Funding Reform Bill

Excerpt: The Senate Finance Committee ... approved the National Employee Savings and Trust Equity Guarantee (NESTEG) Act, a comprehensive pension reform bill sponsored by Committee Chairman Charles Grassley (R-IA) and Ranking Democrat Max Baucus (D-MT). This version of the NESTEG Act includes comprehensive funding reform proposals for single- and multi-employer defined benefit plans. The committee-approved bill also includes proposals relating to cash balance and other hybrid plans.

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Senate Finance Committee Releases Discussion Draft of Medicare Mental Health, PBM Reforms

"[The] discussion draft [includes] policies aimed at expanding mental health care under Medicaid and Medicare and reducing prescription drug costs for seniors at the pharmacy counter.... [These proposals are] in addition to pharmacy benefit manager (PBM) reforms previously passed out of Committee in July[.]"  MORE >>

Senate Finance Committee Hearing on Pharmacy Benefit Managers and the Prescription Drug Supply Chain: Impact on Patients and Taxpayers

Video of March 30 hearing. Testimony by: [1] Robin Feldman, Hastings College of Law University of California San Francisco; [2] Karen Van Nuys, Ph.D.,University of Southern California Los Angeles; [3] Lawton Robert Burns, Ph.D., Wharton School, University of Pennsylvania; [4] Jonathan E Levitt, Frier Levitt Attorneys at Law; and [5] Matthew Gibbs, Pharm.D., Capital Rx.

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Senate Finance Committee Summary of SECURE 2.0 (PDF)

19 page summary of the proposed legislation as included in the Consolidated Appropriations Act of 2023. SECURE 2.0 starts on page 2046.

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Senate Finance Committee Rolls Out Massive SECURE 2.0 Counterpart

"The Senate Finance Committee on June 17 released the Enhancing American Retirement Now (EARN) Act, its counterpart to the House-passed SECURE 2.0 -- a massive piece of legislation that includes a number of key provisions[.]"

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Senate Finance Committee Hearing: Health Insurance Coverage in America: Current and Future Role of Federal Programs

Video of Oct. 20 hearing, with links to testimony by: [1] Linda Blumberg, Ph.D., Urban Institute; [2] Sara Collins, Ph.D., The Commonwealth Fund; [3] Douglas Holtz-Eakin, Ph.D., American Action Forum; and [4] Frederick Isasi, J.D., M.P.H., Families USA.  MORE >>

Senate Finance Committee Hearing: Building on Bipartisan Retirement Legislation: How Can Congress Help?

Video of July 28 hearing, with links to witness testimony: [1] Aliya Robinson, The ERISA Industry Committee; [2] Brian H. Graff, American Retirement Association; [3] David Certner, AARP; and [4] The Honorable Tobias Read, Oregon State Treasurer.  MORE >>

Senate Finance Committee Hearing: Investigating Challenges to American Retirement Security

Dec. 9, 2020. Testimony from: [1] Scott Barr, Edward Jones; [2] Eric Stevenson, Nationwide; [3] Michael P. Kreps, Groom Law Group; and [4] Joshua Luskin, National Association of Government Defined Contribution Administrators.  MORE >>

Senate Finance Committee Hearing: Challenges in the Retirement System

May 14 hearing. Page includes video of hearing along with statements from Chairman Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR), and testimony from witnesses: [1] Joni Tibbetts, The Principal Financial Group; [2] The Honorable Tobias Read, State of Oregon; [3] Joan Ruff, AARP; and [4] Lynn D. Dudley, American Benefits Council.

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Senate Finance Committee Hearing: Drug Pricing in America -- A Prescription for Change, Part III

Includes video of April 9 hearing, statement from Ranking Member Ron Wyden (D-OR), and testimony from witnesses: [1] Steve Miller, MD, Cigna Corporation; [2] Derica Rice, CVS Health and CVS Caremark; [3] William Fleming, Pharm.D., Humana Inc.; [4] John Prince, OptumRx; [5] Mike Kolar, JD, Prime Therapeutics LLC.

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