Help Shape Family Business Advocacy in Washington, DC
Trump Wins the Presidency, Allowing Him to Bring Signature Tax Policy Proposals to the Table: On Nov. 6, 2024, Donald Trump was declared the winner of the 2024 presidential election, sweeping all seven battleground states (Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin) and earning 312 electoral votes. The president-elect is also projected to win the popular vote by a margin of between 1% and 2% once all votes are counted. With Republican majorities in both chambers of Congress as well, President-elect Trump is expected to pursue an aggressive economic and tax policy agenda.
Tax Cuts and Jobs Act (TCJA) Extensions. Trump’s top tax priority is cementing the legacy of his signature tax bill, the Tax Cuts and Jobs Act of 2017 (TCJA, Pub. L. 115-97), by extending or making permanent the tax-rate reductions in the bill, including the 20% pass-through business deduction and expanded estate-tax exclusion. However, he reversed course on one TCJA provision, the state and local tax (SALT) deduction limitation, now proposing to completely remove the deduction cap.
Corporate Taxes. Trump has proposed cutting the corporate tax rate from 21% to 20%, and later proposed lowering the corporate tax rate to 15% for companies that produce their products in the United States. Trump has not provided details on the domestic production requirements that would be required for companies to qualify for the lower rate.
Tariffs. Throughout his campaign, Donald Trump has proposed using tariffs as a means of funding some of his tax cut proposals or as an offset of extending TCJA provisions. In June, Trump also brought up the idea of replacing the federal income tax with an “all tariff policy.” This proposal signals that the president-elect is considering a trade agenda that is more protectionist than his first administration. Trump has specifically proposed a 10% to 20% universal baseline tariff on all U.S. imports, and further proposed a 60% tariff on all U.S. goods imported from China.
Republicans Retake Control of Senate: At the time of this writing, Republicans are expected to control the Senate next year with a 53 to 47 margin. This development brings Sen. Mike Crapo (R-ID) to the forefront, as he will lead the Senate Finance Committee in a year that will be heavily driven by negotiations over tax policy, in light of the expiration of several TCJA provisions.
About Brownstein Hyatt Farber Schreck
Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you’ll immediately recognize a different type of energy. Complacency doesn’t have a place here. Flexibility and inspiration do. Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients’ needs and provide them with the resources they require to meet their business objectives.
We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
The need for fact-based reporting of issues important to family offices and successful individuals and protecting a lifetime of savings has never been greater. Now more than ever, family offices and successful individuals are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to family offices and successful individuals, while continuing to strengthen our presence on Capitol Hill.
Policy and Taxation Group is the Voice for Family Offices and Successful Individuals in Washington, DC focused exclusively on the critical tax and economic policies that impact them.
Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
#incometax #taxseason #federaltaxpolicy #taxation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #CapitalGainsTax #incometaxrates #incometaxseason #taxrefund #taxreturn #incometaxreturn #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #FamilyBusiness #promotefamilybusinesses #familyowned #supportlocalbusiness #womeninbusiness #AdvocatingForFamilyBusinesses #Generationallyowned #Multigenerationalbusiness @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax