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TAX TAKE: Republican Tax Teams Ready to Start TCJA Debate

Tax Alert

Last week, House Ways and Means Committee Chairman Jason Smith (R-MO) and Tax Subcommittee Chairman Mike Kelly (R-PA) announced the formation of 10 Committee Tax Teams, the purpose of which is "to study key tax provisions from the 2017 Trump tax cuts that are set to expire in 2025 and identify legislative solutions that will continue to help families, workers, and small businesses struggling in the Biden economy."

The Committee Tax Teams comprise Republican Committee members with each team assigned to one of 10 specific areas of tax policy for review: American Manufacturing, Working Families, American Workforce, Main Street, New Economy, Rural America, Community Development, Supply Chains, U.S. Innovation, and Global Competitiveness.

The announcement of the Committee Tax Teams, along with the recent Committee hearing on the 2017 Tax Cuts and Jobs Act (TCJA), marks the opening "kickoff" of sorts – at least for Republican Committee members – of the process to address the individual and estate tax relief provisions set to expire at the end of 2025.

Although no details have been released yet regarding the Committee Tax Team process, it is largely anticipated to be an educational exercise, which is particularly important given that only five Republican members were on the Committee when TCJA was enacted. As part of that educational process, it is hoped that the Committee Tax Teams will solicit proposals and feedback from taxpayers and other interested parties. There's plenty of policy overlap among the teams, so providing feedback will be important to lay the groundwork for tax policy improvements next year, when major portions of the tax code will be open for debate.  

Everyone knows that next year is the Super Bowl of tax policy. These tax teams are the opening Republican roster for the preseason. #TaxTake 

Upcoming Speaking Engagements and Events

Loren will speak on the panel "The Brave New World of Profit Allocation Post-Pillar One" at the Tax Council Policy Institute's 25th Annual Tax Policy Practice Symposium "The Gathering Storm: 2025 and the Coming Tax and Fiscal Showdown" on May 16.

Marc will moderate the session "Tax Legislative Outlook" at the FBA 2024 Insurance Tax Seminar on May 30.

In the News

Marc commented on the 2025 tax reform effort in a recent Tax Notes article. "I think the 2025 tax reform effort, really, in a lot of ways is going to be this clash between a recognition of the current deficit situation running up against a traditional Republican position that tax cuts — particularly the extension of tax cuts — shouldn't be paid for."

In the Law360 Tax Authority article "R&D Cutbacks Spur Small-Biz Push To Renew Tax Breaks," Jorge discusses the outlook for H.R. 7024, the pending legislative tax package that would retroactively extend a key R&D tax incentive along with other expired business tax provisions from the TCJA.

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