Republican Tax Teams Deep Dive
In April, the Chairman of the House Ways and Means Committee Jason Smith (R-MO-08) and Tax Subcommittee Chairman Mike Kelly (PA-16) announced the formation of ten Committee Tax Teams. The teams are comprised of Ways and Means Republican members, to address the key tax provisions from the 2017 Trump tax cuts that are set to expire in 2025.
Comprehensive Tax Reform Outlook
Our very own Denise Bode has been named as one of Washington DC's 500 most influential people shaping policy in 2024. This is an incredible accomplishment and recognizes Denise's countless contributions to both her clients, colleagues, and her dedication to making meaningful policy change in Washington.
Tax Bill Heads to Senate
On Wednesday, January 31st, the House passed the Tax Relief for American Families and Workers Act in a bipartisan 357-70 vote. The $78 billion bipartisan bill marks a significant success for House Ways and Means Committee Chair Jason Smith (R-MO) and also for Democrats with the inclusion of the child tax credit (CTC).
Bipartisan Tax Package Announced; Approved by House Ways & Means Committee
After months of anticipation, Senate Finance Committee Chairman Ron Wyden (D-OR) and House Ways & Means Committee Chairman Jason Smith (R-MO-08) have announced The Tax Relief for American Families and Workers Act of 2024, a bipartisan tax agreement totaling roughly $80 billion. The bill was approved by the House Ways & Means Committee on Friday, January 19.
Smoke Signals & Taxing Events
It was a busy week in the nation’s capital. The Constitution Partners team reviewed the major events driving American public policy and business interests, and have provided a summarized overview for your review.
Interagency Collaboration on Hydrogen Tax Matters as Biden Administration Publishes First Strategic Roadmap
Technical experts from the Department of Energy are weighing in on how the Treasury Department should devise a production tax credit for hydrogen.
Ways and Means Hearing Re-Cap: Green Energy Tax Credits
On Wednesday, April 19, the House Ways and Means Committee held a hearing titled “On the U.S. Tax Code Subsidizing Green Corporate Handouts and the Chinese Communist Party.” During the hearing, Republicans slammed the recipients of the Inflation Reduction Act’s energy tax credits, saying large corporations are raking in most of the benefits. The rhetoric marked a shift for Republicans, who traditionally favor cutting taxes for businesses but are increasingly focused on anti-China policies. Meanwhile, Democrats at the hearing emphasized the negative effects that repeal would have, given the jobs already created. Below are some highlights from the hearing broken down by subject matter.