WASHINGTON, D.C. — Today, Congressman David Kustoff (R-TN) held a roundtable discussion in Shelby County with the Main Street Coalition, including the Wine and Spirits Wholesalers of America. Congressman Kustoff discussed the Tax Cuts and Jobs Act (TCJA) provisions that are set to expire in 2025 and heard from local business leaders about their priorities for an upcoming tax package in Congress.
"In 2025, the Republican tax cuts that brought relief to families and businesses across the nation are set to expire," said Congressman Kustoff. "As a member of the House Ways and Means Committee, the chief tax writing committee in Congress, I am working to ensure these provisions are extended and taxes are not increased for Americans. That is why I held this roundtable today, to hear from local business leaders about their priorities for an upcoming tax package. As individuals and businesses grapple with rampant inflation, the last thing they need is Uncle Sam taking more of their hard-earned dollars out of their bank account."
“The vast majority of America’s independent wine and spirits wholesalers are family-owned businesses that have been in operation for generations. Since 2017, our members have been able to invest billions across the country into their employees, facilities, and communities and the business leaders who joined us today have similar stories. The importance of this conversation and Section 199A to the well-being of small and family-owned businesses across Tennessee and the rest of the country can’t be overstated,” said Dwayne Carson, Wine & Spirits Wholesalers of America Senior Director, Federal Affairs.
Pictures from the day:
Background:
In 2017, Congress passed the Tax Cuts and Jobs Act. TCJA was the first major reform to the federal tax code in over thirty years, changing the individual income rates, the corporate tax rate, rules for estate and retirement planning, and taxes for small businesses. These Republican tax cuts brought relief to working and middle-class families and led to one of the strongest economies in U.S. history. However, if Congress does not act by the end of 2025, these provisions, among others, will expire. That will mean a significant tax increase on virtually all American taxpayers and businesses.
The House Ways and Means Committee has divided up into Tax Teams to focus on each provision. Congressman Kustoff is the Vice Chair of the Supply Chain Tax Team which has jurisdiction over the corporate rate, capital gains, and energy related tax credits. Additionally, he sits on the Rural America team, which has jurisdiction over the estate tax.
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This is a companion discussion topic for the original entry at https://kustoff.house.gov/media/press-releases/kustoff-holds-tax-roundtable-tennessee-business-leaders