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Treasury and IRS Under the Spotlight at Upcoming Congressional Tax Hearings. On Wednesday, the House Committee on Ways and Means will hold a full-committee hearing to discuss the green-energy tax incentives enacted in the Inflation Reduction Act (IRA). At the same time, the Senate Finance Committee will convene a full-committee hearing in which Internal Revenue Service (IRS) Commissioner Danny Werfel will defend the Biden administration’s fiscal year (FY) 2024 budget request, as well as the IRS’ performance during the 2023 filing season.
In the House hearing, committee Republicans are expected to highlight new private-sector reports estimating the cost of green-energy tax incentives to be significantly higher than official budget predictions. Last week, committee Chairman Jason Smith (R-MO) previewed this effort in a press release referencing a Goldman Sachs report that projected the cost of the IRA’s energy and climate tax provisions to exceed $1.2 trillion over the next decade—more than three times the initial Joint Committee on Taxation revenue projections.
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GOP lawmakers are also anticipated to scrutinize proposed regulations recently issued by the Treasury Department and IRS concerning the free-trade-agreement (FTA) requirements imposed by the section 30D clean-vehicle tax credit. In the last month, opponents have argued that the broad acceptance of FTAs under the rule will provide significant funding to Chinese... (learn more)
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SALT Advocates Issue New Proposal, Expecting Relief in Upcoming Tax Negotiations. Last week, Rep. Andrew Garbarino (R-NY) introduced legislation to eliminate the State and Local Tax (SALT) deduction cap. The current $10,000 limitation was imposed by the Tax Cuts and Jobs Act (TCJA) and is set to expire in 2025, along with several other tax provisions enacted by the 2017 bill. Before 2017, taxpayers who elected to itemize deductions were generally permitted to deduct the entirety of paid property, sales and state income taxes.
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The new cap-repeal proposal has already garnered bipartisan support from 45 lawmakers, including seven other Republicans. GOP support for the bill is entirely comprised of representatives from.. (continue reading)
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Our thanks to Brownstein Hyatt Farber Schreck, LLP.
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About Brownstein Hyatt Farber Schreck, LLP
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.
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Upcoming Events
- April 27-28: Prairie Family Business Center Annual Gala Event, Sioux Falls, SD
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May 3: Family Business Association Annual meeting, Sacramento, CA
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May 10-12: Family Office Club Event, New York, NY
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May 10: High Center Directors, virtual
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- May 10: PATG/FEUSA Event and Presentation at SPB, New York, NY
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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