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An increase in income tax rate means you’ll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.
Congress Returns with a Focus on 119th Leadership: The House and Senate returned this week, kicking off a two-week legislative session before the Thanksgiving recess. Republican leadership elections in the House and Senate were the main focus, as Congress prepares for a Republican trifecta in 2025. Sen. John Thune (R-SD), the current minority whip, was elected as the Republican Senate majority leader for the 119th Congress in a secret ballot vote on Wednesday. He fended off a late surge by Sen. Rick Scott (R-FL), who lost on the first ballot with 13 votes. On the second ballot, Sen. Thune defeated Sen. John Cornyn (R-TX), 29-24. Sen. John Barrasso (R-WY) ran unopposed for majority whip, and Sen. Tom Cotton (R-AR) defeated Sen. Joni Ernst (R-IA) 35-18 to serve as the chairwoman of the Republican Conference.
Trump Wins the Presidency, Allowing Him to Bring Signature Tax Policy Proposals to the Table: On Nov. 6, 2024, Donald Trump was declared the winner of the 2024 presidential election, sweeping all seven battleground states (Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin) and earning 312 electoral votes. The president-elect is also projected to win the popular vote by a margin of between 1% and 2% once all votes are counted. With Republican majorities in both chambers of Congress as well, President-elect Trump is expected to pursue an aggressive economic and tax policy agenda.
IRS Finalizes Guidance on Section 45X Advanced Manufacturing Production Credit: On Oct. 24, the Treasury Department and Internal Revenue Service (IRS) released final regulations for the Section 45X Advanced Manufacturing Production Credit, established under the Inflation Reduction Act of 2022 (Pub. L. 117-169 ). The credit aims to incentivize U.S. manufacturing of clean energy components, such as batteries, solar and wind energy technologies as well as the production of critical minerals. The final rules build upon the proposed regulations issued in December 2023, providing limited revisions and additional clarity on the credit’s applicability.
Treasury Department Intends to Finalize Section 45V Clean Hydrogen Rules by End of Year: On Oct. 1, Treasury Department Acting Assistant Secretary for Tax Policy Aviva Aron-Dine indicated that the department plans to finalize regulations for the Section 45V Clean Hydrogen Production Tax Credit by the end of the year. Section 45V was established by the Inflation Reduction Act (Pub. L. 117-169 ), and Aron-Dine said that it is imperative that, by the end of the Biden administration, the Treasury Department finalizes regulations on section 45V and other provisions “that are especially central to the IRA’s climate and economic goals.”
Treasury Department Announces Initiative to Negotiate Double-Tax Relief with Taiwan: On Oct. 29, the Treasury Department announced that the United States and Taiwan would begin negotiation on an agreement to address double-taxation issues facing Taiwanese businesses with investments in the United States and U.S. businesses with a similar presence in Taiwan. The announcement commends Congress for the introduction of the United States-Taiwan Expedited Double-Tax Relief Act and United States-Taiwan Tax Agreement Authorization Act, indicating that executive negotiations will “build on the initiative” while working with Congress as a “vital partner.” The announcement also emphasizes the benefits to both countries of negotiating double-tax relief, particularly in the semiconductor industry.
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