House Ways and Means Committee Chairman Jason Smith (R-MO) unveiled committee Republicans’ economic-growth package on June 9, introducing three individual bills that encompass tax provisions relevant to a broad cross-section of the U.S. economy. The package, which is comprised of the Tax Cuts for Working Families Act (H.R. 3936), the Small Business Jobs Act (H.R. 3937) and the Build It in America Act (H.R. 3938), incorporates several tax proposals that were previously offered by Republican committee members as standalone bills earlier this year. Collectively, the package is referred to as the American Families and Jobs Act.
Chairman Smith described the legislation as a “tax relief and jobs package” shaped by “specific concerns” raised during the committee’s field hearings earlier this year. In keeping with the themes of his leadership this Congress, Chairman Smith noted that the top priority for the package is to ease the financial burdens on “American workers, families, farmers and small businesses.” Accordingly, each bill focuses on a specific category of taxpayers and aims to provide these groups with immediate benefits in 2023, 2024 and 2025.
While the partisan bills are unlikely to receive consideration in the Democratic-controlled Senate, the individual proposals included in the legislation lay the groundwork for the development of future bipartisan tax legislation in the 118th Congress. Moreover, the effort will kickstart the debate over extensions of three key Tax Cuts and Jobs Act (TCJA, Pub L. 115–97) provisions, which is expected to intensify in the lead-up to the expiration of the individual tax relief in 2025.
The House Ways and Means Committee plans to mark up the package of three tax bills this Tuesday, June 13, at 10 a.m.
To read Brownstein’s full summary of the three bills, please click here.
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