House Tax Teams Focus on TCJA Extensions, Additions While Making Sure ‘Consistency and Permanency’ Are Built-in to New Tax Bill

Policy and Taxation Group Files Statement to House Tax Committee

Discussions with House Ways and Means Committee Tax Team leaders are revealing extensions of the 2017 Tax Cuts and Jobs Act may be made more permanent by Congress and Trump Administration.

In conversations with Tax Team chairpersons, Pat Soldano, President, Policy and Taxation Group (PATG), has learned not only are writers looking to extend many of the provisions in the expiring 2017 Tax Cuts and Jobs Act (TCJA) tax bill, but they are also seeking to make many of the provisions stand for the long-term.

PATG, advocates on Capitol Hill for family offices and successful individuals, interviewed many of the staff members of the 10 House and Ways Committee Tax Teams and found there was agreement among them to create positive tax laws that are “made permanent and are consistent over the long haul.”

In her talks, Soldano discussed the upcoming tax policy proposals with staff tax writing teams from the ten Tax Team Chairpersons, including: Rep Vern Buchanan (R-FL) (American Manufacturing Tax Team), Rep. Darin LaHood (R-IL) (American Workforce Tax Team), Rep. David Schweikert (R-AZ) (New Economy), Rep. Adrian Smith (R-MO) (Rural America Tax Team), Rep. Mike Kelly (R-PA) (Community Development Tax Team), Rep. Carol Miller (R-WVA) (Supply Chains Tax Team), Rep. Lloyd Smucker (R-PA) (Main Street Tax Team), and Rep. Brian Fitzpatrick (R-PA) (Working Families Tax Team)

Among the many topics discussed one new clear priority emerged: “We need a tax code to help family businesses operate with certainty and permanency.”

The staff members, and the Tax Team leaders, are also proposing such critical extensions and additions as extending the 199A provisions (equalization for pass-through entities over lower tax paying corporations), restoring Research and Development expensing, continuing or eliminating Estate Tax (Death Tax) levels, and the need to create a tax code to helps family businesses operate with certainty and permanency.

Over 80% of family businesses, according to Family Enterprise USA research, are structured as pass-through entities. Pass-throughs have been disadvantaged by corporate tax rates set at 15%, versus pass-through entity rates that could go as high as 43% next year. Section 199A was designed in TCJA to level the tax playing field between pass-through entities and traditionally larger corporations.

“When asked if consistency and permanency will be part of our new tax laws, the tax team leaders made it clear this was a major thrust of the new legislation,” said Soldano about the Capitol Hill discussions. “Consistency and permanency allow family offices, successful individuals, and family offices to plan investments, manage hiring, and create an investing atmosphere that helps the overall American economy for the long term,” she said. 

PATG focuses exclusively on the tax and economic issues affecting family offices and successful individuals. Soldano is also President of Family Enterprise USA, an organization advocating for America’s largest private employer, family businesses.

Statement Submitted to Record

As part of the tax writing process, Soldano said, Policy and Taxation Group and Family Enterprise USA also recently submitted a statement for the record that details the need for family offices, successful individuals, and family businesses to rely on consistent, permanent tax policy.

In its statement to the House Ways and Means Committee, its Tax Team co-chairs and members, and all members of Congress were asked that they take into consideration key positions on tax policy priorities, which include: 

• Lower the top income tax rate and personal income taxes
• Lower the estate tax levels and increase lifetime exemption
• Decrease the top capital gains tax rate
• Continue 199A for pass-through entities
• Restore R&D expensing
• Continue like-kind exchanges and accelerated depreciation
• Eliminate consideration of wealth tax or surtax on income
• Continue valuation of discounts for estate tax purposes
• Continue grantor trusts
• Avoid elimination of step-up in basis
• Restore bonus depreciation

For more information about the tax policies affecting family offices, successful individuals, and family businesses go to www.policyandtaxationgroup.com or www.familyenterpriseusa.com.

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