Litigation Finance Levy Cut From Tax Bill by Senate Referee

A proposal to add an additional 31.8% tax on litigation finance profits has been removed from the Republican tax and spending bill, but not on substantive grounds. The tax was removed for procedural reasons, due to its late inclusion, with the Senate parliamentarian ruling the proposed tax was not compliant with the expedited procedure Republicans are using to pass the legislation. Lawmakers may still try to re-insert the provision.