{"id":12911,"date":"2024-12-12T20:21:14","date_gmt":"2024-12-13T04:21:14","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=12911"},"modified":"2024-12-12T20:21:29","modified_gmt":"2024-12-13T04:21:29","slug":"taxation-representation-cbo-breaks-down-tcja-impact-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/taxation-representation-cbo-breaks-down-tcja-impact-what-you-need-to-know\/","title":{"rendered":"Taxation & Representation: CBO Breaks Down TCJA Impact\u2014What You Need to Know"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”4px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”An increase in income tax rate means you’ll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.” button_url=”https:\/\/familyenterpriseusa.com\/family-businesses\/your-voice-matters-advocate-for-tax-policy-change-through-new-portal\/” button_text=”The House Ways & Means Committee wants your input on key tax issues. Submit your comments today through the new Comment Portal!” disabled_on=”off|off|off” admin_label=”Call To Action Top” _builder_version=”4.27.0″ _module_preset=”default” header_font_size=”22px” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”1″ _builder_version=”4.27.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

CBO Explains TCJA Extension Estimates, Rebuts Lawmakers\u2019 Concerns: <\/span>On Dec. 4, the Congressional Budget Office (CBO) published a\u00a0blog post<\/a>\u00a0explaining the agency\u2019s methodology for modeling economic effects of the changes in incentives stemming from the expiration of tax provisions, such as the agency\u2019s June estimate of the effects of extending all of the expiring Tax Cuts and Jobs Act (TCJA,\u00a0Pub. L. 115-97<\/a>) provisions. That report estimated that a straight extension of all TCJA tax provisions would add $4.6 trillion to the federal deficit, a figure that has been criticized by some lawmakers for not taking into account a potential increase in economic growth that would flow from those TCJA provisions. The lawmakers point out that CBO\u2019s original 2017 estimate of expected receipts, when compared to actual receipts in the ensuring years, totaled $1.5 trillion more revenue than CBO\u2019s original estimates.<\/p>\n

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Senate Approves Disaster Tax Relief Bill: <\/span>On Dec. 4, the Senate approved by voice vote the Federal Disaster Tax Relief Act of 2023 (H.R. 5863<\/a>), which would provide a range of relief for individuals affected by previous wildfires, recent hurricanes and the East Palestine, Ohio, train derailment. Qualified wildfire relief payments, which includes compensation for losses, expenses and damages incurred as a result of a qualified wildfire disaster received in tax years 2020\u20132025 would also qualify for the income exclusion. This bill was brought to the House floor via a discharge petition led by its author, Rep. Greg Steube (R-FL). The bill also was a component of the Tax Relief for American Families and Workers Act (H.R. 7024<\/a>), which passed the House on a strong bipartisan vote but did not advance through the Senate.<\/p>\n

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Trump to Nominate Michael Faulkender as Deputy Treasury Secretary:<\/span> On Dec. 4, President-elect Donald Trump announced his intention to nominate Michael Faulkender as deputy secretary of the treasury. He would serve with Scott Bessent, who Trump intends to nominate to be treasury secretary, if both are confirmed. Trump wrote in a\u00a0post<\/a>\u00a0on Truth Social that Faulkender \u201cis a distinguished economist and policy practitioner who will drive our America First agenda.\u201d The deputy treasury secretary acts as a second-in-command for the department and would oversee work across the department and its bureaus.<\/p>\n

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Treasury Department, IRS Finalize Rules on Section 48 Investment Tax Credit:<\/span> On Dec. 4, the Treasury Department and Internal Revenue Service (IRS) issued\u00a0final rules<\/a>\u00a0on the Section 48 Investment Tax Credit (ITC) for energy-related projects, which was extended and expanded as part of the Inflation Reduction Act (Pub. L. 117-169<\/a>). The final rules modify and clarify proposed rules released in November 2023 with respect to qualifying energy property, including ownership requirements for geothermal heat pumps, definitions relating to qualified biogas property and thermal energy property, and rules governing hydrogen energy storage property, including a loosening of the \u201cend use\u201d requirement. The rules also clarify the use of the prevailing wage and apprenticeship bonus credit in coordination with the section 48 ITC.<\/p>\n

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Trump Hints at Bolstering U.S. Steel Through Tax Incentives and Tariffs:<\/span> On Dec. 2, President-elect Donald Trump\u00a0announced<\/a>\u00a0on Truth Social that he would seek to block the acquisition of the United States Steel Corporation (U.S. Steel) by Nippon Steel Corporation, a Japanese steelmaker. His decision would follow similar efforts by the Biden administration, which indicated in September that it would await a report from the interagency Committee on Foreign Investment in the United States considering potential national security concerns of the acquisition before making a decision. Both Nippon Steel and U.S. Steel support the acquisition. Trump noted in his post that he would instead seek to use \u201ctax incentives and tariffs\u201d to bolster U.S. Steel and the industry as a whole but did not offer additional details.<\/p>\n

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The need for fact-based reporting of issues important to multi generational businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, multi generational businesses<\/a> and family businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to generationally-owned family businesses<\/a> 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<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n

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#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\u00a0 @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/p>\n

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CBO Explains TCJA Extension Estimates, Rebuts Lawmakers\u2019 Concerns: On Dec. 4, the Congressional Budget Office (CBO) published a\u00a0blog post\u00a0explaining the agency\u2019s methodology for modeling economic effects of the changes in incentives stemming from the expiration of tax provisions, such as the agency\u2019s June estimate of the effects of extending all of the expiring Tax Cuts […]<\/p>\n","protected":false},"author":2,"featured_media":12917,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,43,92,76,36],"tags":[],"class_list":["post-12911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-estate-taxes","category-multi-generational-business","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12911"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12911\/revisions"}],"predecessor-version":[{"id":12918,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12911\/revisions\/12918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/12917"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}