Elections Create ‘Rare Opportunity’ to Make TCJA Tax Bill Permanent, Says Rep. Greg Steube

Main Street Tax Team Co-Chair Sees House Passing New Tax Plan in First Quarter

WASHINGTON, DC, UNITED STATES, November 27, 2024 /EINPresswire.com/ -- All the favorable tax provisions for family businesses in the current Tax Cuts and Jobs Act “will remain permanent,” according to Main Street Tax Team Co-Chair Rep. Greg Steube (R-FL) in a new podcast from Family Enterprise USA.

In the newest episode of “Voice of Family Business on Capitol Hill,” hosted by Pat Soldano, President, Family Enterprise USA, the House Member Rep. Steube discusses the work of the Ways and Means Committee Tax Teams and how he sees rapid, permanent, and positive changes to taxes affecting family businesses.

Rep. Steube and the Tax Team members are focused on keeping all the key provisions in the 2017 Tax Cuts and Jobs Act (TCJA), which now look to remain permanent, he says. He believes the House of Representatives will pass a new tax bill in the first quarter, at which point it will move on to the Senate for review.

In the podcast, Soldano and Rep. Steube discuss how the elections, new economic policies, and how the TCJA will be strengthened.
“We have a year to get new policies done,” says Rep. Steube in the podcast. “We have the rare time in history where we can take permanent action on our country’s tax policies.”

According to the House Member, all provisions in the TCJA “will remain permanent,” including estate taxes, 199A provisions, and restoring research and development tax benefits.

In the podcast, the Congressman also discusses new proposed tax proposals, like no taxes on tips, the repealing of the estate tax, and the halt of any discussions on “wealth taxes,” such as taxes on unrealized gains.

Soldano and Rep. Steube also discuss the potential budget deficits reduced taxes may create and how to deal with shortfalls.

The House Member sees working with the Congressional Budget Office to factor in the unmeasured economic growth that can come from tax cuts, in addition to his support of large-scale cuts in social and foreign aid spending.

The podcast, part the “The Voice of Family Business on Capitol Hill” series, airs on Spotify and other podcast platforms.

Soldano is President of Family Enterprise USA and Policy and Taxation Group, both are advocates for family businesses, successful individuals, and family offices.

To hear the full episode, you can find it on Spotify and other podcast platforms. Or, you can click on: Family Enterprise USA Podcast. Subscribers will receive alerts as future shows are posted.

About Family Enterprise USA

Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions, and industries of family-owned enterprises and multi-generational employers. It is a bipartisan 501.c3 organization. www.familyenterpriseusa.com

Bob Chew
Family Enterprise USA
+1 310-383-0528
rzchew3@gmail.com
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