TAX TAKE: Key Changes in the Congressional Tax-Writing Committees on the Horizon
The Congressional tax-writing committees have had a busy start to this session, with the passage of the latest COVID-19 relief package, a number of hearings, and consideration of proposals for the pending infrastructure package. We expect the remainder of this year to continue at a fast pace as the infrastructure package begins to take shape, as well as other items such as tax extenders, pending changes to Tax Cuts and Jobs Act of 2017 (TCJA) provisions, and perhaps retirement legislation are considered before the 2022 midterm elections dominate and have a tempering effect on the potential for any significant tax legislation.
Looking out further, regardless of the outcome of the 2022 midterm elections, we know that there will be significant changes on the Congressional tax-writing committees. A number of members of the Senate Finance Committee, including Senators Richard Burr (R-NC), Pat Toomey (R-PA), and Rob Portman (R-OH) have announced that they will be retiring. With respect to the House Committee on Ways and Means, Ranking Member Kevin Brady (R-TX) and Representative Tom Reed (R-NY) have similarly announced plans to retire. The retirement of Ranking Member Brady, one of the primary architects of the TCJA, is particularly significant and jockeying amongst potential successors (including Representative Devin Nunes (R-CA) and Representative Vern Buchanan (R-FL)) has already begun.
It is important to note that there is more than a year and a half before these senior tax writers will be retiring and it is anticipated that they will be active in not only considering the current agenda but also in pursuing some of their signature legislative interests, such as Senator Portman's Retirement Security and Savings Act. #TaxTake
Upcoming Speaking Engagements and Events
Loren will participate in a panel discussion on President Biden's proposed global minimum tax during the Washington International Trade Association's webinar, Global Minimum Tax, on April 29.
On May 12, Loren will present Overlay of Potential International Tax Reform and OECD Pillars I and II, a panel discussion at the ABA Virtual 2021 May Tax Meeting.
In The News
In The Hill, Jorge commented on how divisions among Democrats over repealing the state and local tax (SALT) deduction cap may endanger the Biden infrastructure plan. "The margins in Congress are very slim, and the Biden administration and congressional leadership, they don't have any votes to spare," Jorge said.
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