April 29, 2022, 5:00 AM
Updated income and payroll tax offsets that the staff of the Joint Committee on Taxation will apply in its economic models of proposed changes in federal excise taxes during the second session of the 117th Congress, the JCT released Apr. 29. New offsets are calculated on a calendar year basis, the JCT noted. An increase in the magnitude of the offset for years after 2025 is due to the expiration of certain tax provisions enacted by the TCJA in 2017 after December 31, 2025, the JCT provided. With that, the estimated income and payroll excise tax offsets return close to …
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