President Trump today vetoed H.R. 6395, a bill that would provide spending authority for certain military and defense activities. The vetoed defense bill includes anti-money laundering provisions (i.e., provisions regarding disclosure of beneficial ownership).
The bill was passed by both the House and Senate with a sufficient number of votes to override a presidential veto. Read TaxNewsFlash
Congressional leaders have said they would return to Washington before year-end and could at that time consider whether to override the presidential veto.
The president last evening expressed his disagreement with certain provisions of the massive year-end funding bill (5,593 pages). The bill, as passed by both houses of Congress, would provide over $900 billion for various COVID relief programs, government funding of $1.4 trillion, and a number of tax provisions. Read TaxNewsFlash
The president specifically requested an increased amount of direct payments to be made to individual taxpayers. The situation remains fluid, and the outlook for this legislation is currently unresolved.
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