TL/DR –
David Skillman, Legislative & Public Policy Managing Director, discussed the Tax Relief for American Families and Workers Act of 2024 in a Law360 article, noting that its failure in the Senate, despite being crafted by leadership in both the House and Senate, was instructive. He also pointed out that the Inflation Reduction Act regulations issued by the Treasury Department will have significant taxpayer impacts. Skillman stated that the link between the Treasury and the Energy Department has been bolstered in the rule-making process, and wondered if this will help preserve the Inflation Reduction Act.
Latest Developments in Federal Tax Policies for 2024
David Skillman, a seasoned legislative and public policy expert, shared his insights on the notable federal tax policies of 2024 in a recent Law360 article. His comments revolve around the Tax Relief for American Families and Workers Act of 2024 and the Inflation Reduction Act regulations.
The Tax Relief Act failed to pass the Senate despite the backing of key figures like House Ways and Means Committee Chairman Jason Smith (R-Mo.) and Senate Finance Committee Chairman Ron Wyden (D-Ore.). Skillman observes this as an interesting lesson for tax observers. He also pointed out that the failure of such a significant bill despite robust leadership indicated the complexities of the Senate approval process.
On the other hand, Skillman believes that the Inflation Reduction Act regulations issued by the U.S. Department of the Treasury will significantly affect taxpayers. He accentuated that the regulations would unlock the value of the Inflation Reduction Act and stimulate technology and supply chain development.
Furthermore, Skillman emphasized the strengthened relationship between the Treasury and the U.S. Department of Energy due to the rulemaking process. He questioned if the hard work put into preserving the Inflation Reduction Act would bear fruit in the face of future challenges.
Read the full article here (subscription may be required).
—
Read More US Economic News