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Former Congressman Billy Long has been nominated by President-elect Donald Trump to lead the IRS, prompting mixed reactions from lawmakers and the tax community. While some express concerns over Long's ties to the Employee Retention Tax Credit industry, others highlight his congressional experience as a potential asset for the agency's independence and reform efforts. If confirmed, Long would replace current IRS Commissioner Daniel Werfel, who was appointed by President Biden.
House Ways and Means Chairman Jason Smith anticipates a single, comprehensive reconciliation bill next year to address President-elect Trump's tax cuts and other priorities, despite a narrow GOP majority. He emphasizes the need to offset new tax cuts and the urgency of making small business tax provisions permanent before their expiration in 2025. Smith also highlights the challenges posed by expiring individual tax provisions, which could lead to tax increases for Americans if not addressed.
Republicans are preparing to extend the 2017 tax cuts, which could increase the deficit by $5 trillion, according to the CBO. While some lawmakers argue that these cuts will stimulate economic growth and revenue, others express concern over the ballooning deficit and advocate for offsetting measures. The internal debate reflects a divide within the party on how to balance tax policy with fiscal responsibility.
Trump has appointed hedge fund manager Scott Bessent as Treasury Secretary, leveraging his investment expertise to navigate a slowing global economy and the dollar's status. Bessent advocates for bank deregulation and supports a friendlier approach to cryptocurrency, earning praise from Republicans and Wall Street figures, while facing criticism from Democrats and progressive groups for his ties to the financial elite.
Mike Crapo
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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