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TAX TAKE: Master Plan – What House Republican Tax Priorities are Longer Term Propositions?

Tax Alert

Last week, Tax Take focused on the tax reform proposals contained in the Jobs & the Economy Task Force (Task Force) report released as part of the House Republican "Commitment to America" that are likely to receive serious consideration in the lame duck session following the November elections. This week we look at those proposals that are crafted mostly for longer term messaging purposes in advance of the 2024 Presidential and Congressional elections.

These Task Force proposals are focused on extending policies enacted as part of the Tax Cuts and Jobs Act (TCJA), including providing permanency for the reduced individual tax rate structure, the reduced estate tax structure, and the section 199A qualified business income deduction. While enactment of these proposals is a non-starter in the anticipated divided government environment of 2023 and 2024, we expect a Republican-controlled House to advance these proposals for messaging purposes in advance of the 2024 elections and that proposals to repeal provisions recently enacted as part of the Inflation Reduction Act, including the $80 billion appropriation to the IRS and the new corporate book income minimum tax, would also receive floor consideration. House Minority Leader Kevin McCarthy has already promised that a Republican-controlled House will vote to repeal the IRS funding boost in early January. These proposals, even if part of House-passed bills, would not receive consideration by the Biden Administration (setting aside their reception in the Senate, where projected control next year is uncertain). Nevertheless, these proposals would be positioned as key portions of the Republican agenda in advance of the 2024 elections. #TaxTake

Upcoming Speaking Engagements and Events

Loren will speak at the TEI 77th Annual Conference in Scottsdale, AZ on October 24. She will present "Swamp Talk: Federal Tax Legislative & Regulatory Update - Midterm Elections and 118th Congress Preview."

On November 2, Loren will be in Los Angeles to present "Trends in International Tax Controversy Including IRS Campaigns, Appeals, and ICAP," at the IFA USA/TEI Los Angeles International Tax Conference.

Loren will speak on a panel titled "Tax Policy," at the ABA 33rd Annual Philadelphia Tax Conference on November 15.

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