The Tax Relief for American Families and Workers Act has been stalled in the Senate since January. (It passed the House of Representatives by a vote of 357-70.) In recent remarks at a Tax Council Policy Institute meeting, Senator Ron Wyden (D-OR), Chair of the Senate Finance Committee, said Senate Republicans are inclined to wait until 2025 to take action on tax legislation because key provisions of the Tax Cuts and Jobs Act are set to expire on Jan. 1, 2026. However, Wyden remains optimistic about the bipartisan bill’s future. He said small businesses are concerned about interest rates and need help with research and development now to help pay expenses.
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