Complete Story
06/13/2024
Senate Democrats Discuss 2025 Tax Policy Agenda
In response, the GOP is already warning against more taxes on business
Democrats on the Senate Finance Committee plan to meet next week to discuss their tax policy agenda for next year, when more than $4 trillion in tax cuts are set to expire.
Democrats are discussing their strategy quietly at this point.
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By contrast, Senate Finance Republicans formed working groups last month to study tax proposals in advance of 2025.
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Among Republicans, there is reportedly a growing debate over whether to raise federal revenue to cover the cost of preserving over $4 trillion in temporary tax cuts enacted in 2017.
Sen. Mike Crapo (R-ID) the top Republican on Senate Finance, has signaled an openness to working with Democrats to find common ground before next year. Crapo is on record, however, as opposing increasing the corporate tax rate, as the Biden administration has proposed.
“Economists agree that a tax increase on American businesses will be passed on to working families in the form of higher prices and lower wages,” Crapo said.
This article was provided to OSAP by ASAE's Power of Associations and Inroads.
