{"id":13785,"date":"2025-03-31T17:43:04","date_gmt":"2025-04-01T00:43:04","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=13785"},"modified":"2025-03-31T17:43:16","modified_gmt":"2025-04-01T00:43:16","slug":"weekly-washington-update-congress-pushes-for-budget-resolution-before-easter-whats-next","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/weekly-washington-update-congress-pushes-for-budget-resolution-before-easter-whats-next\/","title":{"rendered":"Weekly Washington Update: Congress Pushes for Budget Resolution Before Easter\u2014What\u2019s Next?"},"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=”Support the voice of family businesses in Washington D.C.! Join Family Enterprise USA to stay informed, engage with policymakers, and advocate for policies that protect generational businesses. Your membership makes a difference\u2014become a member today!” button_url=”https:\/\/familyenterpriseusa.com\/donate-2\/giving\/” button_text=”Join Now” disabled_on=”off|off|off” admin_label=”Call To Action Top” _builder_version=”4.27.4″ _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

House and Senate Republican Leaders Align on Reconciliation:<\/strong> Senate Majority Leader John Thune (R-SD) and House Speaker Mike Johnson (R-LA) agreed on key policy toplines for a compromise budget resolution following a meeting at the White House on Tuesday with Trump administration officials. Both leaders\u00a0stated<\/a>\u00a0that they would attempt to advance a single budget resolution before the Easter recess. While no text has been released, Thune noted Wednesday that the Senate may begin voting on a budget resolution as soon as next week, while House Majority Leader Steve Scalise (R-LA)\u00a0said<\/a>\u00a0that agreeing on changes to the House budget resolution could delay the timeline. Leader Thune also noted that he hopes to include a debt limit hike in the budget resolution, consistent with the budget resolution that passed the House earlier this month. On\u00a0Wednesday,\u00a0the Congressional Budget Office (CBO) released a\u00a0report<\/a>\u00a0concerning the statutory debt limit, where it estimated that if the debt limit remains unchanged, the federal government may default on its debt obligations in August or September 2025.<\/p>\n

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Crapo, Senate Republicans Continue to Advocate for Use of \u2018Current Policy\u2019 Baseline:<\/strong> At a U.S. Chamber of Commerce tax policy summit on March 12, Senate Finance Committee Chairman Mike Crapo (R-ID) advocated for the usage of a current-policy baseline in assessing the budgetary effects of extending the Tax Cuts and Jobs Act (TCJA,\u00a0Pub. L. 115-97<\/a>) and other tax priorities of the Trump administration. If permitted by the Senate parliamentarian, the current-policy baseline would allow Congress to make the expiring TCJA tax provisions permanent, with no apparent cost even though as a practical matter they still would be deficit financed. He contended that utilizing the current-policy baseline would allow Congress and the Trump administration to enact more sweeping tax-reform measures and give rise to greater permanence of the tax code, which would help businesses in their tax-planning initiatives.<\/p>\n

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Ways and Means Committee Begins Reviewing IRS Energy-Tax Credits:<\/strong> Prior to the congressional recess, House Ways and Means Committee Republicans held two closed-door sessions to begin reviewing the major components of the tax reconciliation bill, including the energy tax incentives enacted as part of the Inflation Reduction Act (IRA,\u00a0Pub. L. 117-169<\/a>). Although specific details were not released, reports indicate that while some favor a complete repeal of the IRA, an increasing number of Republicans favor taking a credit-by-credit approach and using a scalpel to extract revenue savings while preserving the policy merits of individual credits. Committee members are reported to have weighed in favor of particular credits, including the Section 45Q Carbon Oxide Sequestration Credit, the Section 45Z tech-neutral Clean Fuel Production Credit, and the Section 45X Advanced Manufacturing Production Credit. Additional closed-door sessions are expected in the coming weeks, with Ways and Means Committee Chairman Jason Smith (R-MO) expecting to mark up the committee\u2019s tax title to the reconciliation bill prior to Memorial Day (May 26).<\/p>\n

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Initial Estimates Suggest Tax Revenue Could Decrease by 10%:<\/strong> Internal sources from the Treasury Department and Internal Revenue Service (IRS) have predicted that the IRS would see a decrease in tax revenue for the 2025 tax-filing season by more than 10% by the April 15 deadline, compared to 2024, as first\u00a0reported<\/a>\u00a0by\u00a0The Washington Post<\/em>. Officials said that efforts by the Trump administration to reduce the IRS workforce directly correlated with this prediction, due to the firings of employees, the reduced likelihood of audits and investigations of wealthy taxpayers and large corporations, and a potential increase in noncompliance by immigrants illegally residing in the United States who normally pay taxes. Other factors may be in play that would allow the IRS to recoup some of this lost revenue, including the potential increased use of penalty-free filing extensions by taxpayers, especially those affected by natural disasters. Nevertheless, the predicted decrease in revenue will tighten funds for Trump administration initiatives and may lead to increased borrowing to fund government operations.<\/p>\n

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About Brownstein Hyatt Farber Schreck
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n

As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n

The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned 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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Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n

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#incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA<\/p>\n

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House and Senate Republican Leaders Align on Reconciliation: Senate Majority Leader John Thune (R-SD) and House Speaker Mike Johnson (R-LA) agreed on key policy toplines for a compromise budget resolution following a meeting at the White House on Tuesday with Trump administration officials. Both leaders\u00a0stated\u00a0that they would attempt to advance a single budget resolution before […]<\/p>\n","protected":false},"author":2,"featured_media":13791,"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-13785","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\/13785","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=13785"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/13785\/revisions"}],"predecessor-version":[{"id":13792,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/13785\/revisions\/13792"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/13791"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}