US Senate Finance Committee ranking member Mike Crapo (R-Idaho) has reportedly established “working groups” of Republican taxwriters to examine various tax provisions affecting individuals, estates, and passthrough entities.
These provisions were implemented under the Tax Cuts and Jobs Act of 2017 (TCJA — P.L. 115-97), which are set to expire after 2025.
These groups will possibly focus on analysing the issues pertaining to the pending 2025 tax cliff and exploring the available options to address them.
The groups are expected to discuss potential revisions to permanent tax code provisions, including corporate cuts alongside the temporary TCJA (Tax Cuts and Jobs Act) provisions.
Furthermore, the groups will commence meetings in the coming weeks to prepare for various outcomes of congressional control after the November elections this year.
