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On Tuesday afternoon, May 13, the Ways and Means Committee (“Committee”) started its markup of the tax title for the FY2025 budget reconciliation bill.
The Committee favorably reported the bill on Wednesday morning, May 14, by a party-line vote of 26-19. During the markup, 38 Democratic-supported amendments were offered, but none were adopted.
The Committee’s tax title goes next to the House Budget Committee, which is responsible for consolidating the legislative packages reported by the other House committees with instructions under the budget resolution. The Budget Committee is expected to hold a markup later this week to approve the consolidated reconciliation bill, with no amendments permitted. The final package will then go before the House Rules Committee and is expected to come before the House for final passage next week.
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The need for fact-based reporting of issues important to family offices and successful families and protecting a lifetime of savings has never been greater. Now more than ever, family offices and successful families 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 families, 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.
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