Today, House Ways and Means Committee Chairman Richard Neal (D-MA) introduced legislation to extend personal tax credits, provide disaster relief funding, eliminate a tax on transportation benefits nonprofits provide employees and lift some limits on tax benefits to same-sex couples. The Chairman has proposed to pay for these extenders by ending the higher estate tax exemption included in the 2017 Tax Cuts and Jobs Act
, which was doubled to $11.2 million for singles and $22.4 million for married couples. The tax legislation is scheduled to be marked up in Committee on Thursday.
It has also been reported that Congressman Neal has discussed roll backs of other important pieces of the 2017 Tax Cuts and Jobs Act to pay for Democratic priorities with his caucus, such as increasing the corporate tax rate and decreasing the pass through income deduction. While the Republican controlled Senate and White House would likely reject any of these ideas if they come to fruition in the House, it does highlight what tax changes Democrats might pursue if they regain control of the Senate and White House in the future.
SLMA is engaging with Members of Congress, the National Federation of Independent Businesses, the Family Business Estate Tax Coalition, and others to support the gains made in the Tax Cuts and Jobs Act
. Letters sent to the Ways and Means Committee by the Family Business Coalition defending the increased estate tax exemption and advocating for full repeal are available here