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2 min read

Ways & Means Committee Approves Tax Legislation

By NAIFA on 6/15/23 7:30 AM

On June 13, House Ways & Means Republicans approved the American Families and Jobs Act, consisting of three bills described as an “economic growth” package. The three bills were approved on party-line votes, with Republicans supporting and Democrats opposed. The three bills were announced on June 9 by the committee’s chairman, Rep. Jason Smith (R-MO).

Topics: Legislation & Regulations Taxes Congress Tax Reform
1 min read

Ways & Means Chair Says a Tax Bill Is Coming by June

By NAIFA on 5/15/23 8:00 AM

House Ways & Means Committee Chair Rep. Jason Smith (R-MO) says his committee will propose a tax package by late May or in June. The package will reflect priorities discussed at the committee’s field hearings (so far, four have been held outside of Washington), and will prioritize “working families and small businesses.” Currently, this effort appears to be entirely Republican-generated and supported.

Topics: Legislation & Regulations Taxes Congress Tax Reform
1 min read

Key Tax Writer Introduces Bill to Expand Use of HSAs to Cover In-Home Long-Term Care

By NAIFA on 5/15/23 6:30 AM

Rep. Adrian Smith (R-NE) has introduced bipartisan legislation that would allow use of health savings account (HSA) funds to pay for in-home long-term care. The bill has 11 bipartisan cosponsors.

Topics: Long-Term Care Legislation & Regulations Health Savings Accounts Taxes Tax Reform
1 min read

“Tax-the-Rich” Legislation Resurfaces

By NAIFA on 5/15/23 6:00 AM

On April 18, Sen. Bernie Sanders (I-VT) reintroduced his “tax-the-rich” bill, the “For the 99.5 Percent Act,” in the Senate. The bill was reintroduced in the House by Rep. Jimmy Gomez (D-CA). The bill would impose higher estate tax rates on those who inherit more than $3.5 million.

Topics: Legislation & Regulations Taxes Tax Reform