House Ways and Means Chairman Jason Smith recently announced the creation of 10 “Tax Teams” to prepare for negotiations over the provisions of the Tax Cuts and Jobs Act (TCJA) expiring in 2025, as well as other tax reforms. In a new insight, AAF fiscal policy expert Machalagh Carr provides a brief overview of the tax teams and their assignments, as well as what objectives are considered their highest priorities.

Key points:

• The tax teams will cover most aspects of the tax code, meaning the Ways and Means Committee will not be limited by the changes that were agreed to in 2017.
• The intent of this effort is to build a comprehensive tax reform framework that prioritizes a pro-growth agenda and keeping the competitive rates and policies that were achieved in TCJA, addressing personal tax issues, global and domestic tax policy, and urban and rural incentives, among others.
• With most provisions of the TCJA set to expire next year, sitting in the breach for individuals and businesses will be trillions of dollars in tax increases if these issues are not addressed.

Read the analysis