Your Perspective Matters: Complete Our Family Business Survey
On Dec. 20, incoming Senate Majority Leader John Thune (R-SD) announced the Senate Republican Conference’s committee assignments, with incoming Senate Minority Leader Chuck Schumer (D-NY) following suit on Jan. 2 with the Senate Democratic Caucus’ committee assignments. Below are brief profiles of the new members of the Senate Finance Committee—one Republican and five Democrats.
Johnson Reelected as Speaker; Shifts in Strategy for Reconciliation: On Jan. 3, the House reelected incumbent Speaker Mike Johnson (R-LA) on the first ballot in a tight party-line vote. Johnson’s victory came after several rounds of negotiation with members of the House Freedom Caucus, who initially withheld their support. The final tally was 218-215, with Rep. Thomas Massie (R-KY) being the only Republican dissenting vote. President-elect Donald Trump is reported to have weighed in personally to help secure Johnson’s reelection.
Trump to Nominate Ken Kies as Treasury Assistant Secretary for Tax Policy: In a post on Truth Social on Jan. 3, President-elect Donald Trump announced his intention to nominate Ken Kies to be the Treasury Department’s assistant secretary for tax policy. Kies is a longtime Hill strategist, serving as chief Republican tax counsel for the House Ways and Means Committee and later as chief of staff for the Joint Committee on Taxation before starting his own tax lobbying firm, the Federal Policy Group. As assistant secretary for tax policy, Kies will be influential in determining policy proposals to be included in the expected tax bill later this year.
Trump to Nominate Stephen Miran to Lead CEA: In a post on Truth Social on Dec. 22, President-elect Donald Trump announced his intention to nominate Stephen Miran to be chairman of the Council of Economic Advisors (CEA). Miran served in Trump’s first administration as senior advisor of economic policy at the Treasury Department under then-Treasury Secretary Steven Mnuchin. Trump noted in his post that Miran’s role would be to “work with the rest of my Economic team to deliver a Great Economic Boom that lifts up all Americans.” Miran currently serves as a senior strategist at Hudson Bay Capital Management.
LaHood Introduces Bill Simplifying Taxes for Americans Living Abroad: On Dec. 18, Rep. Darin LaHood (R-IL) introduced the Residence-Based Taxation for Americans Abroad Act (H.R. 10468), which would shift the current system for taxing U.S. citizens living overseas from a citizenship-based system to a residence-based system. Under current law, Americans are taxed on their worldwide income regardless of their country of residence—potentially leading to double taxation for expats and dual citizens. In contrast, a residence-based system would allow U.S. citizens living abroad to elect to be treated as a nonresident for tax purposes, subjecting them to U.S. tax only on their U.S. source income. The bill also would provide nonresident Americans with relief from the Foreign Account Tax Compliance Act by allowing them to apply to the Internal Revenue Service (IRS) for a certificate of nonresidency to use with foreign financial institutions, reducing significant regulatory hurdles for Americans seeking to access banking services abroad. The bill requires electing individuals to pay a departure tax on deferred income, with some exceptions. In an accompanying press release, Rep. LaHood said that Americans living or working abroad should not “be subject to more onerous tax and compliance burdens” and that he “look[s] forward to working with President-elect Trump and my House colleagues on both sides of the aisle to modernize our tax code to ensure Americans are not punished for living and working abroad.
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 member.
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 Family Enterprise USA 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. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
#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