02/08/2024

Yale Project to Inform Anticipated Tax Reform in 2025

Submissions for tax policy changes will be accepted until May 27, 2024

Yale University has enlisted several top former Treasury officials in launching the Tax Reform Project, a nonpartisan network that will solicit and evaluate tax policy proposals in advance of expected congressional tax reform legislation in 2025.

While Congress is unlikely to advance tax reform this year – among other reasons because it’s an election year – the expiration of Tax Cuts and Jobs Act (TCJA) provisions at the end of 2025 sets up an ideal opportunity for Congress to improve tax policy next year.

The Tax Reform Project is seeking input from the private sector on beneficial tax changes, from narrow technical fixes to broader structural reforms, proposals that are revenue raisers as well as policy improvements that could end up costing revenue. The steering committee for the Tax Reform Project includes Fred Goldberg, former IRS chief counsel, IRS commissioner and Treasury assistant secretary for tax policy; Leslie Samuels, another former Treasury assistant secretary for tax policy; and Lawrence Summers, who served as Treasury Secretary for President Bill Clinton and director of the National Economic Council for President Barack Obama.

Submissions for tax policy changes will be accepted by the project until May 27, 2024. Emphasizing the desire to remain nonpartisan, the project is asking that proposals not be focused on changes in tax rates for individuals, corporations, estate and gifts, and capital gains. However, proposals can suggest the modification or elimination of deductions and credits, as well as changes in exemptions, classifications, timing and the thresholds that govern the respective tax bases. There is no requirement that proposals be tailored to not raise taxes on households making under $400,000, a pledge made by the Biden administration.

This article was provided to OSAP by ASAE's Power of Associations and Inroads.