As the 118th Congress kicks off with a Republican majority in the House of Representatives, last week brought two significant changes to the House Committee on Ways and Means. First, Rep. Jason Smith (R-MO) was selected as the committee's new Chairman. Second, with the committee ratio changing in favor of Republicans, 10 new Republican members were added to the committee. These changes will have a dramatic impact on how Congress develops tax policy over the next two years. Below are our initial thoughts on these developments.

Chairman Jason Smith. Chairman Smith has been a Ways and Means member since 2015 and was most recently the top Republican on the House Budget Committee. When he was selected Chairman, he highlighted a committee agenda that "works for working families" focused on economic growth, building on the success of the Tax Cuts and Jobs Act (TCJA), IRS oversight, and energy independence. In the coming weeks, we will learn more about the committee's 2023 tax policy agenda, but to give you a sense of the types of tax issues Chairman Smith has championed recently, here is a list of tax bills that he introduced in the last Congress. Notable issues include estate tax repeal, making the Section 199A passthrough deduction permanent, as well as making permanent the version of the child tax credit enacted as part of TCJA.

New Republican Members. Along with a new Chairman, the House Republican Steering Committee last week selected 10 new members to join Ways and Means:

• Rep. Mike Carey (R-OH)
• Rep. Randy Feenstra (R-IA)
• Rep. Michelle Fischbach (R-MN)
• Rep. Brian Fitzpatrick (R-PA)
• Rep. Nicole Malliotakis (R-NY)
• Rep. Blake Moore (R-UT)
• Rep. Michelle Steel (R-CA)
• Rep. Greg Steube (R-FL)
• Rep. Claudia Tenney (R-NY)
• Rep. Beth Van Duyne (R-TX)

These new members will develop their tax policy priorities in the next few months, so taxpayers with a presence in these members' Congressional districts should consider engaging in outreach to highlight policy issues impacting their organizations.

Democratic Members. Given the change in the committee ratio, it is expected that a number of junior Democratic members will lose their seats on the committee.  

Your friends at Tax Take will keep you apprised of additional developments on the Committee on Ways on Means impacting the tax policy agenda this year. Stay tuned. #TaxTake

Upcoming Speaking Engagements and Events

On January 23, Loren will present, "The Future of Tax Policy," at the USC Gould School of Law 2023 Tax Institute in Los Angeles.

Loren will moderate a panel titled, "The OECD & Global Tax Policy: What's Next?" at the DC Bar 2023 Tax Legislative and Regulatory Conference on January 26.

On February 10, Loren will speak at the ABA Section of Taxation 2023 Midyear Meeting in San Diego. She will participate in a panel discussion entitled, "Riding the ICAP and APA Wave."

In the News

Marc appeared on the Talking Taxes in a Truck podcast to discuss prospects for tax policy with the 118th Congress now underway. Listen to the episode here.

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