Partnership rules, tax breaks in 2025 spotlight

Preparing for 2025

Democrats and the GOP are laying down markers for next year’s tax package talks, this time with tax breaks for partnerships front and center.

Senate Finance Committee Chair Ron Wyden (D-Ore.) said that 2025 is the right time to address the complex rules around partnerships and other pass-through entities that contribute to wealthy tax avoidance. The goal is to get a revised proposal out before next year, his office said.

• On the Republican side, meanwhile, lawmakers are continuing to push to keep the prized 20% tax break for pass-through business income, which is set to expire ...