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3 min read

House Committees Begin Crafting Massive Reconciliation Bill

By NAIFA on 5/15/25 11:17 AM

During the week of April 29, House committees of jurisdiction began crafting their pieces of the $6 trillion+ reconciliation budget bill that Congress wants to enact by the end of this summer. The process is and will continue to be fraught as lawmakers make tough decisions, on which there is and will be much opposition, on how to cut spending and taxes for the upcoming 10 years.

Topics: Legislation & Regulations Taxes Congress
7 min read

Ways and Means Approves Huge Tax Reconciliation Title

By NAIFA on 5/15/25 11:14 AM

The House Ways and Means Committee approved its reconciliation title on May 14 on a party line vote after a 17-hour mark-up. The tax title of the reconciliation bill contains provisions that would permanently extend (i.e., eliminate an expiration date) a raft of tax rules that are set to expire at the end of this year. A few of these extension provisions also modify the expiring rules, including the Section 199A deduction. In addition, the title includes new tax cuts first proposed by President Trump as well as other tax cuts. Offsets are included to ensure that the cost of the title complies with the Committee’s reconciliation instructions. Significantly and in a major victory for NAIFA, the Committee did not attempt to raise revenue from the products and services NAIFA provides to assist American families in achieving financial security.

Topics: Legislation & Regulations Taxes
1 min read

IRS Sets HDHP/HSA/HRA 2026 Limits

By NAIFA on 5/15/25 10:19 AM

The Internal Revenue Service (IRS) has announced the inflation-adjusted limits for high deductible health plans (HDHPs), Health Savings Accounts (HSAs), and Health Reimbursement Arrangements (HRAs) for 2026. Also announced were 2026 limits for excepted benefits HSAs.

Topics: Taxes IRS
1 min read

Senate Finance Sends Kies Nomination to Senate Floor for Confirmation Vote

By NAIFA on 5/15/25 10:16 AM

On April 29, on a party-line vote, the Senate Finance Committee approved the nomination of Ken Kies to be Treasury Assistant Secretary for Tax Policy. Kies will play a key role in the development of all tax legislation, but especially now in the crafting of the tax portion of the massive reconciliation bill.

Topics: Taxes Congress
1 min read

Deficit Projections Could Complicate Tax Cuts Legislation

By NAIFA on 4/15/25 9:07 AM

On March 12, the Treasury Department announced that the federal deficit has grown to $1.15 trillion over the first five months (October through February) of Fiscal Year (FY) 2025. This is 17 percent higher than the deficit level at this time last year. According to the Treasury release, the deficit in February alone grew to $307 billion.

Topics: Taxes Debt
2 min read

House Tax-Writer Introduces Long-Term Care Bill

By NAIFA on 4/15/25 8:58 AM

On March 12, Rep. Tom Suozzi (D-NY), a member of the tax-writing House Ways & Means Committee, introduced a bipartisan bill, the WISH Act, that would create a public-private partnership to address the affordability of long-term care. The bill was cosponsored by Rep. John Moolenaar (R-MI).

Topics: Long-Term Care Taxes
1 min read

Senate Majority Leader Touts Estate Tax Repeal

By NAIFA on 4/15/25 8:29 AM

Sen. John Thune (R-SD), the Senate’s Majority Leader and a member of the tax-writing Senate Finance Committee, is pushing for inclusion of complete estate tax repeal in the upcoming tax reconciliation bill. Sen. Thune listed estate tax repeal as among his priorities—another is making permanent the extension of expiring tax rules.

Topics: Estate Planning Taxes
2 min read

Senators, House Members Introduce Legislation to Make Permanent Section 199A

By NAIFA on 2/17/25 9:28 AM

Legislation to make permanent the section 199A deduction for qualifying noncorporate business income has been introduced in both the House and Senate. The legislation is partisan—only Republicans cosponsored it in both chambers of Congress—but the number of cosponsors (35 in the Senate, including most of the Senate GOP’s leadership, and 152 in the House) demonstrates the strength of support for the measure.

Topics: Taxes Congress
1 min read

Key Tax Writer Introduces Bill to Extend Expiring Tax Rules Permanently

By NAIFA on 2/17/25 9:25 AM

On January 3, Rep. Vern Buchanan (R-FL), a senior member of the tax-writing Ways & Means Committee, introduced H.R.143, a bill that would make permanent expiring individual tax rates (including section 199A), the standard deduction, the estate tax personal exemption, and other individual tax provisions. The bill also specifically repeals the expiration date of section 199A, the deduction for qualifying noncorporate business income.

Topics: Taxes Congress
1 min read

Tax Regs Again Subject to White House Review

By NAIFA on 2/17/25 9:19 AM

In a January 31 executive order (EO), President Trump once again made Treasury tax regulations subject to White House review. Office of Information and Regulatory Affairs (OIRA) review of tax regulations was not required until President Trump’s first term, from 2017 to 2021. But then-President Biden reversed that order, again exempting tax regulations from OIRA review. Now, per this latest Trump EO, IRA will again be reviewing proposed tax regulations.

Topics: Taxes
1 min read

House Republican Introduces Bill to Expand Section 199A, Repeal Estate Tax

By NAIFA on 2/17/25 9:16 AM

On January 3, Rep. Andy Biggs (R-AZ) introduced legislation that would repeal the limits on the kinds of businesses that are eligible for the section 199A deduction for qualifying noncorporate business income. The bill would also repeal the estate tax while retaining the step up in basis for assets passing to heirs after the decedent’s death.

Topics: Small Business Taxes Congress
1 min read

Bipartisan Senate Bill Would Increase Above-the-Line Charitable Deduction

By NAIFA on 2/17/25 9:09 AM

A bipartisan Senate bill, the “Charitable Act,” would reestablish an above-the-line charitable deduction. The deduction would allow taxpayers who do not itemize to deduct their charitable contributions up to an amount equal to up to one third of the standard deduction.

Topics: Taxes Congress
1 min read

Congress Announces New Members of Tax-Writing Committees

By NAIFA on 1/14/25 1:15 PM

Both Republicans and Democrats have named the members joining the House Ways & Means and Senate Finance Committees for the 119th Congress. These lawmakers will have particular influence over what goes in and what stays out of the massive tax bill Congress intends to enact this year.

Topics: Taxes Congress
2 min read

Donald Trump Wins Presidency

By NAIFA on 11/22/24 10:53 AM

Donald Trump’s victory was declared when, at just about 5:30 a.m. on Wednesday, November 6, the media projected he had won swing state Wisconsin, taking him over the 270-vote electoral college count needed to win the presidency. 

Topics: Legislation & Regulations Taxes Debt Congress Presidency Federal Deficit
3 min read

GOP Will Control the Senate in the 119th Congress

By NAIFA on 11/22/24 10:52 AM

Republicans will control the Senate in the incoming 119th Congress (2025-2026). The GOP’s undisputed win of 53 of the Senate’s 100 seats means Democrats have lost control of the upper chamber in the 119th Congress.

Topics: Legislation & Regulations Long-Term Care Insurance Taxes Debt Congress
1 min read

Republicans to Control the House in 2025-2026

By NAIFA on 11/22/24 10:52 AM

Republicans won the 218 seats needed to control the House; it will give the GOP the “trifecta”—a clean sweep of all three levers of legislative power in Washington.

Topics: Taxes Congress
2 min read

Prospects for 2025 Tax Legislation

By NAIFA on 11/22/24 10:51 AM

If, as expected, the GOP controls both the House and Senate next year, the risks and challenges of the 2025 tax bill have become a bit clearer. Here is a run-down.

Topics: Affordable Care Act Taxes Congress Social Security
1 min read

Senate Democrats Introduce Bill to Subject Pass-Through Income to Payroll Tax

By NAIFA on 11/22/24 10:49 AM

Four Democratic Senators have introduced legislation that would subject pass-through (non-corporate) business income to payroll (Social Security/Medicare) taxes. Currently, many pass-through businesses (S corporations, partnerships, sole proprietorships) characterize some of their business income as dividends or other non-wage income and thus avoid having to include it in the payroll tax base.

Topics: Legislation & Regulations Taxes Congress
4 min read

Congress Punts Almost Everything to Lame Duck

By NAIFA on 10/15/24 10:57 AM

On September 26 President Biden signed into law the three-month funding bill that avoided a government shutdown on October 1. The continuing resolution (CR) extended fiscal year (FY) 2024 funding levels until December 20 and made few (none of them controversial) policy changes. So, the tough issues—e.g., FY 2025 funding levels, whether to block certain regulations (including the fiduciary rule)—were left to be resolved during the November-December lame duck session of the 118th Congress.

Topics: Legislation & Regulations Taxes Debt Congress SECURE 2.0
2 min read

Senate Finance Holds Hearing on 2025 Tax Issues

By NAIFA on 10/15/24 10:56 AM

On September 12, the Senate Finance Committee held a hearing to lay the groundwork for the 2025 tax bill effort to cut down on “tax avoidance.” The hearing highlighted proposals to improve tax equity in current law. It also focused considerable discussion on section 199A, the deduction for qualifying noncorporate business income.

Topics: Legislation & Regulations Taxes Congress

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