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05/02/2024
Ways and Means to Form 10 Working Groups on Tax Reform
As TCJA expires, tax policy will come under the knife
House Ways and Means Committee Chair Jason Smith (R-MO) last week announced the formation of 10 working groups that will examine potential changes to the tax code to take effect in 2025.
The expiration of Tax Cuts and Jobs Act (TCJA) provisions sets up an ideal opportunity for Congress to improve tax policy next year.
“At hearings we’ve held across the country, the Ways and Means Committee has heard directly from workers, families, farmers, and small businesses who emphasized the urgent need for tax relief,” Smith said last week. “The mission of these Tax Teams will be to build on the success of the Trump tax cuts to provide a pro-America, pro-worker vision for the future and a much-needed alternative to President Biden’s $7 trillion tax hike."
The specific areas of tax policy assigned to each working group indicate Republican tax writers intend to examine the tax code in depth.
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The 10 tax teams will examine the tax treatment of: Manufacturing; Working Families; American Workforce; Main Street; New Economy; Rural America; Community Development; Supply Chains; U.S. Innovation and Global Competitiveness.
This article was provided to OSAP by ASAE's Power of Associations and Inroads.
