Lawmakers Start the New Year with a Long Tax Policy To-Do List

The close of calendar year 2018 left several items on lawmakers’ tax policy to-do list. In December, outgoing Ways and Means Chairman Kevin Brady (R-TX) led several iterations of a year-end tax bill to address tax extenders, technical corrections to the Tax Cuts and Jobs Act (TCJA), and other policy changes, but no bill was signed into law. Furthermore, funding for several departments and agencies, including the Internal Revenue Service (IRS), has lapsed. For many businesses and individuals, no action on tax extenders—a collection of more than 20 narrowly targeted provisions that expired at the end of 2017—means a high amount of uncertainty for what their 2018 tax bill will look like. Recall that last year, Congress didn’t deal with extenders until February 2018, when they retroactively extended the collection of expired tax breaks for the 2017 tax year. This isn’t an efficient way to legislate. Retroactive tax policy makes it difficult for…

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