Key tax proposals expected to be included in presidential address

President Joe Biden is set to deliver the State of the Union address today, his final before the 2024 U.S. presidential elections. During the address to a joint session of the U.S. Congress, Biden is expected to lay out what he views as his administration's accomplishments over the last three years and share his vision for his priorities for the balance of his first term, including important tax changes that could impact millions of individuals and corporations. Wolters Kluwer invites reporters to speak to its tax experts for their insights.

As background, last year Biden outlined three tax policy proposals which included raising the tax on stock buybacks, imposing a billionaire minimum tax, and expanding the child tax credit, none of which was enacted into law in 2023.

In his upcoming address to the nation, it is believed that Biden likely will comment on the Tax Relief for American Families and Workers Act of 2024, which the U.S. House of Representatives passed on a bi-partisan basis by a 357 - 70 vote on January 31, 2024. Wolters Kluwer experts anticipate that the president will express his support of the bill’s tax provisions and encourage the U.S. Senate to move the bill forward.

Expert Interviews

Wolters Kluwer experts are now available to reporters wishing to discuss any of the following key tax bill provisions including:

• Expansion of the Child Tax Credit
• Bonus Depreciation extensions
• Business interest limitation
• Disaster relief
• Immediate deduction of Research and Experiment expenditures
• Tax treaty-like benefits for Taiwan Residents
• Early end of Employee Retention Tax Credit (ERTC) claims
• Global Minimum Tax

Reporters are invited to contact Shannon Wherry, Associate Director, External Communications, to arrange interviews with either of the following Wolters Kluwer Tax & Accounting (TAA) experts:

• Mark A. Luscombe, JD, LL.M, CPA, Principal Analyst, Wolters Kluwer TAA
• Mark Friedlich, ESQ., CPA, Vice President, Government Affairs, Wolters Kluwer TAA

Reporters are also invited to speak with Sarah Whybrow, Associate Director, External Communications, to arrange interviews with the following Wolters Kluwer Corporate Performance & ESG (CP &ESG) expert:

• Perry Hatch, Senior Director, Global Product Management at Wolters Kluwer CP & ESG

Wolters Kluwer TAA federal tax experts are also available to discuss any other current tax topics impacting business and individual taxpayers.

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.

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PLEASE NOTE: The content of this media alert is designed to provide accurate and authoritative information regarding the subject matter covered. The information is provided with the understanding that Wolters Kluwer TAA is not engaged in rendering legal, accounting or other professional services.

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