The Senate is back at 3 p.m. today (Monday, July 29) and is expected to continue consideration and move to final passage of an internet safety for children and teens package encompassing the Kids Online Safety Act (KOSA) and the Children's and Teens Online Protection Act (COPPA). This is expected to be the last Senate workweek until September. There is a vote at 5:30 p.m. on Adam Landy to be a Tax Court judge. (The 85-12 vote on the Landy nomination last week was on a procedural motion.) The House is out of session this week and not expected to be back in Washington until September 9.

On Tuesday, July 30 (10 a.m.), the Finance Committee is scheduled to hold a hearing on Tax Tools for Local Economic Development, with at least some expected focus on Opportunity Zones. One witness, Shay Hawkins, President and CEO of the Opportunity Funds Association, appeared before a May 20 House Ways & Means Tax Subcommittee field hearing and discussed how Opportunity Zones are targeting investment in areas that have been de-industrialized. The staff of the Joint Committee on Taxation published a report in advance of the hearing, "Tax Incentives for Economic Development and Financing" (JCX-36-24).

On Wednesday, July 31 (10 a.m.), the Senate Budget Committee has planned a hearing, "Charging Ahead: The Future of Electric Vehicles."

The Senate Health, Education, Labor, and Pensions Committee will hold a hearing on bills to reauthorize programs for older Americans, brain injury, and more on Wednesday, July 31 (10 a.m.).

On Thursday, August 1 (9:30 a.m.), the Senate Appropriations Committee will hold a markup of Energy and Water Development; Defense; Labor, Health, and Human Services; Homeland Security; and Financial Services and General Government Appropriations Acts. The Committee has passed the other seven annual appropriations bills, but none have been considered by the full Senate.

Tax — The Bloomberg Daily Tax Report said this morning, regarding recent activity of Ways & Means Committee Republican tax teams: "The House GOP supply chains panel led by Rep. Carol Miller (R-W.Va.) toured an oil rig and heard from stakeholders in southern Ohio, last week. The group led by Rep. Mike Kelly (R-Pa.) that's taken a special interest in opportunity zones — his Erie, Pennsylvania-centered district has benefited from the program — toured a project in Washington. Rep. David Schweikert (R-Ariz.), whose team is focusing on the new economy, met last week to discuss worker classification issues as the number of US gig workers grows. Rep. Adrian Smith (R-Neb.)'s rural America tax team is slated to hold meetings with stakeholders during travel in Nebraska and Iowa on August 15 … "

Presidential race — Tax and other economic policy issues are a significant focus of the presidential race with the impending fiscal cliff of TCJA provisions expiring at the end of 2025. In remarks at the Turning Point Believers Summit in West Palm Beach, FL, July 27, former President Donald Trump said, "We will pass massive tax cuts for workers and that includes no tax on tips … No tax on tips. Remember that's a big deal." He also expressed concern about the expansion of the IRS workforce following enactment of the Inflation Reduction Act (IRA).

There is expected to be general continuity with Biden administration policy positions now that Vice President Kamala Harris is atop the ticket, but there is also some daylight between Biden and Harris positions on tax and other issues as they presented themselves as candidates for the 2020 election. An opinion column in the July 28 Washington Post asked "How should Kamala Harris change Biden's policy agenda?" One recommended idea is abandoning the pledge to not raise taxes on those earning less than $400,000 annually, saying "middle-income earners must pay higher tax rates." Other ideas include fighting climate change even beyond what was provided in the IRA and making childcare a signature campaign issue.

Health care — A story in the Saturday (July 27) Washington Post described efforts by Vice President Harris for more than the past two years to provide medical debt relief, which she is promoting as her presidential campaign takes shape.

"Working with officials at the Consumer Financial Protection Bureau and other agencies, the Harris-led initiatives have sought to address a persistent problem that shadows patients with medical bills: the presence of unpaid medical debt on credit reports … " the report said. "The administration also is proposing federal rules to ban credit reporting agencies from incorporating medical debt when calculating credit scores and to block medical debt from being used to evaluate borrowers' fitness for mortgages and other types of loans. That rule is expected to be finalized next year, if Harris is elected president."

Election — On CBS' Face the Nation Sunday, Senate Majority Leader Chuck Schumer (D-NY) celebrated the "Biden-Harris record," including building new bridges, rural broadband access, and semiconductor chip factories. On the matter of a Harris VP pick, Senator Schumer expressed confidence that an eventual vice-presidential candidate will be "top-notch," but did not directly address the question of being able to hold on to Senator Mark Kelly's (D-AZ) seat in a special election should he be selected to run as VP. On the Senate elections, Schumer predicted Democrats would retain control of the Senate and possibly "pick up a seat or two."