Budget & Taxes

This bill, titled "Secure Family Futures Act of 2025" but actually focused on tax code changes, primarily affects a specific subset of insurance companies. It amends the Internal Revenue Code to exclude certain debts (like bonds or notes) held by these companies from being counted as capital assets (Section 2), and extends their capital loss carryover period to 10 years for losses from foreign expropriation or losses incurred by these companies (Section 3). The changes apply to debts acquired and losses arising after December 31, 2025. The bill's title is misleading, as it does not relate to family policy but is a technical tax amendment targeting defined insurance industry entities.

This Senate resolution (SRES 558) recognizes the growing link between climate change and increasingly severe weather events while highlighting reduced staffing and funding for weather monitoring. It cites scientific consensus that climate change intensifies hurricanes, flooding, and heavy rainfall, and notes the National Weather Service has lost over 550 employees since 2025 with proposed $2.2 billion NOAA budget cuts. The resolution formally acknowledges climate-driven weather risks, mourns lives lost to such events, and calls for maintaining adequate funding and staffing for weather monitoring systems. As a non-binding resolution, it expresses the Senate's position but does not create new policy or funding.

This joint resolution proposes three constitutional amendments. It would grant the President the power to disapprove specific spending items in bills (line item veto), limit House members to six terms and Senators to two terms, and require a two-thirds vote in both congressional chambers to pass any new taxes or tax increases. The bill directly affects the President's executive authority, congressional term limits for members, and the legislative process for tax legislation. If ratified, these changes would alter how spending bills are handled, set term limits for Congress, and raise the threshold for tax-related legislation.

This bill changes U.S. tax law by removing abortion expenses from the list of medical costs taxpayers can deduct. It specifically states that amounts paid for abortions cannot be counted toward medical expense deductions on federal tax returns, affecting individuals who pay for abortions and might have claimed them as deductible medical expenses. Exceptions apply for abortions needed to treat life-endangering physical conditions related to pregnancy, or in cases of rape or incest, as certified by a physician. The law would take effect for tax years beginning after its enactment. This is a tax policy change, not a restriction on abortion access.

SJRES 39 is a joint resolution seeking congressional disapproval of an Internal Revenue Service (IRS) rule interpreting the Clean Electricity Production Credit (Section 45Y) and Clean Electricity Investment Credit (Section 48E) tax provisions. If passed, this resolution would nullify the IRS rule, directly affecting businesses and individuals claiming these clean energy tax credits. The resolution uses the Congressional Review Act process to block the rule from taking effect, without altering the underlying tax code. This is a procedural disapproval measure, not a substantive policy change.