NEW: Senate confirms Billy Long as IRS Commissioner by a 53 to 44 party-line vote

Hours after Senate tax bill text drops, Senator John Cornyn tells reporters “this is way too complicated to be talking about in the hallway”

Miss last night’s bill drop and looking for a breakdown of the major changes between the House and Senate’s reconciliation tax bill text? We’ve got you covered. Read my mainbar with Doug Sword here: taxnotes.com/tax-notes-toda…

There appears to be an outlier.

NEWS: After negotiations with other OECD countries, Treasury Secretary Bessent announces he's asked House & Senate to REMOVE the Section 899 provision from their reconciliation bill:

At a White House presser, Trump appears to loosen his July 4 deadline for OBBB: “It’s not the end all”

JUST IN: The Senate advanced Republicans’ tax-focused reconciliation package, returning the bill to the House where it could face another challenging vote. Katie Lobosco has the latest: taxnotes.co/3TOrABE

It is a stand off.

24 hours til July 4.

What a sprint! In my first four months at Tax Notes, I've covered how the massive tax bill moved through the House, Senate and back for to the House for the final vote today, meeting Trump's July 4 deadline.

Days after he reportedly made assurances to some House Republicans who felt the tax bill didn’t go far enough in its repeal of energy tax credits, @potus issued an EO directing Treasury Secretary Scott Bessent to “strictly enforce” the termination of the 45Y and 48E credits.

Tax policy watchers are concerned that reductions in force and Loper Bright challenges could complicate the government’s ability to provide proper guidance on recently enacted tax legislation. Read more from Alexander Rifaat: taxnotes.co/3IyyOHr

With Treasury Secretary Scott Bessent taking over as acting IRS commissioner, there have now been seven different individuals heading the agency since January.

Billy Long's statement:

Billy Long’s tenure as IRS commissioner has ended less than two months after the former member of Congress assumed the role. Alexander Rifaat and Ben Valdez have the latest details: taxnotes.co/4ovpuog

Guidance should come out by next Monday, per the 45-day deadline set by the executive order

The White House declined to elaborate on the circumstances surrounding the departure of Billy Long as IRS commissioner. Story from Alexander Rifaat: taxnotes.co/4mJJ0vR

New from me: Observers I spoke with were generally pleased with the expansive list Treasury Department put out of occupations who will be eligible to claim a deduction on tipped income, but warned there could be reporting challenges and raise the overall fiscal cost of the provision.

13K drop in jobs in June snapped 53 consecutive months of gains, the 2nd longest stretch since Labor Dept.'s first monthly report in Feb. 1939. From Jan 2021 to May 2025, U.S. gained 16.9 million jobs, an average of 319K per month. Longest streak? 113 months, Oct '10 - Feb. '20.

The IRS has started to confirm disclosures, revealing in a court filing that it shared over 47,000 last-known addresses of individuals with ICE in early August, in response to a request for 1.28 million addresses