What can a newly minted Senator accomplish with a three-week appointment to the taxwriting Finance Committee? Probably not too much, but Senator George Helmy (D-NJ) will give it a shot. 

Senator Helmy was appointed to replace Robert Menendez (D-NJ), who resigned last month. He is serving as a placeholder and not running for the seat, but he does get to sit on the same panels as his predecessor. Senator Helmy will serve through the election, and will replaced with the winner of the New Jersey Senate election to serve out the post-election weeks of the current Congress. Representative Andy Kim (D-NJ) is favored to win that Senate seat.

The Finance Committee faces a broader shakeup after the election. Three very senior members of the panel are retiring: Senators Debbie Stabenow (D-MI), Tom Carper (D-DE), and Ben Cardin (D-MD). If Republicans win a majority, Chairman Ron Wyden (D-OR) would turn the gavel over to Ranking Member Mike Crapo (R-ID), who would likely lead a 14-13 majority on the committee.

In the House, the Ways and Means Committee also welcomed a new member this month with the re-appointment of Representative Steven Horsford (D-NV). He is replacing Bill Pascrell (D-NJ), who died last month after serving more than 25 years in Congress. Representative Horsford lost his seat on the panel when Republicans took the majority last year.

The election could reshape the Ways and Means Committee dramatically. Democrats are within striking distance of recapturing a House majority, which would reinstall Representative Richard Neal (D-MA) as Chairman. A new majority would boot a handful of Republican members off the panel to make room for new Democrats. 

Four House taxwriters are retiring: Representatives Brad Wenstrup (R-OH), Drew Ferguson (R-GA), Dan Kildee (R-MI), and Earl Blumenaur (D-OH). A few other taxwriters face challenging races, so more seats could open up. As it stands now, no more than 14 members of the Ways and Means Committee who served on the panel in 2017 and voted on the Tax Cuts and Jobs Act (TCJA) will be returning in 2025. 

Democratic lawmakers in the mix for possible seats on the panel include Representatives Tom Suozzi (D-NY), Brendan Boyle (D-PA), and Delegate Stacey Plaskett (D-VI), with all three having previously served on the Ways and Means Committee. Potential new Republicans on the panel include Representatives Rudy Yakym (R-IL), Nathaniel Moran (R-TX), Max Miller (R-OH), and Aaron Bean (R-FL).

All of this underscores how different the playing field will be next year, when the next president will be forced to work with Congress on addressing major portions of the TCJA that are set to expire at end of 2025. This approaching decision point will trigger a major debate, not just on the TCJA but also new tax priorities of the incoming president.

We all know that presidents can propose anything, but it's Congress that actually writes the policies into legislative language. That's why it's so important to start educating new (and current) members on important tax issues and stakeholders' priorities: if you're not at the table, you're probably on the menu. #TaxTake

In the News

Jorge comments on Congress' efforts to prevent a government shutdown and the likelihood of a year-end tax bill in Tax Notes. "I think both parties are seeing it from that [hyper-political] lens and what's going to help or not help with their political objectives for the November elections."