Tax policy updates: The debt ceiling, economic growth, and beyond

Tax policy updates: The debt ceiling, economic growth, and beyond

Despite bipartisan support, the Fiscal Responsibility Act to suspend the debt ceiling included concessions from both sides of the aisle, including IRS funding cuts, energy policy provisions and more. However, the story doesn’t end there, as Congress continues to roll out additional bills addressing economic growth, TCJA extensions, and responses to Pillar Two taxation. In this latest episode, host Carrie Falkenhayn is joined by Washington National Tax leader Jonathan Traub and Tax Policy group leader Anna Taylor as they explore the debt ceiling bill and others in the pipeline, their potential for approval, and the tax implications that tax leaders and professionals will need to closely monitor.

Not included in the current package of bills or expected to become law, House republicans rolled out a bill in response to Pillar Two that would raise the rate of tax on corporate citizens of countries imposing UTPR on American firms. The way they’re responding to Pillar Two is something we should all keep in mind with the upcoming 2024 elections.

—Jonathan Traub

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