Complete Story
05/30/2024
Congress Laying Groundwork for Tax Reform in 2025
Trillions of dollars’ worth of tax cuts are set to expire next year
Senate Finance Republicans formed working groups last week to study tax proposals in advance of 2025, when trillions of dollars’ worth of tax cuts are set to expire. Among Republicans, there is reportedly a growing debate over whether to raise federal revenue to cover the cost of preserving over $4 trillion in temporary tax cuts enacted in 2017.
Sen. Mike Crapo (R-ID), the top Republican on Senate Finance, has signaled an openness to working with Democrats to find common ground before next year. Senate Finance Committee Chairman Ron Wyden (D-OR) has been having individual meetings with Democratic lawmakers about their tax priorities next year.
-
On the House side, House Ways and Means Committee Chair Jason Smith (R-MO) also recently announced the formation of 10 working groups that will examine potential changes to the tax code in 2025.
-
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.
