Rep. Steven Horsford of Nevada is anticipated to take the vacant seat on the Ways and Means committee after the passing of Rep. Bill Pascrell. As a former member of the Ways and Means Committee, Horsford brings valuable experience to the table, having served two terms from 2019 – 2023. His knowledge of public finance issues, particularly tax-exempt municipal bonds, makes him a suitable candidate for this position.
Horsford has a history of supporting infrastructure and energy-related initiatives, advocating for funding to improve roads, public transportation, water infrastructure, and internet access in Nevada. His involvement in the Infrastructure Investment and Jobs Act demonstrates his commitment to enhancing the state’s infrastructure and promoting economic growth. Additionally, he has been active in pushing for tax credits for energy grid improvements, showcasing his dedication to sustainability and innovation in the energy sector.
Re-Election and Opposition
Despite facing competition from former Las Vegas Mayor John Lee in the upcoming election, Horsford is predicted to secure re-election to Nevada’s fourth district. His opponent, endorsed by former President Trump and Nevada’s Republican Governor, poses a challenge, but Horsford’s track record and support within the community could work in his favor. As the first Black lawmaker to represent Nevada, Horsford has broken barriers and established himself as a prominent figure in state politics.
The Ways and Means Committee plays a crucial role in shaping tax policies and fiscal legislation, including the fate of provisions from the Tax Cuts and Jobs Act set to expire in 2025. With discussions on making certain provisions permanent and potential adjustments to the corporate tax rate, the committee’s decisions can have far-reaching consequences for the municipal bond market. Issues such as the state and local tax deduction cap and the elimination of advance refunding of tax-exempt bonds are contentious topics that will require careful consideration.
Uncertainties and Future Outlook
The recent loss of Rep. Pascrell adds uncertainty to the future direction of the Ways and Means Committee. The post-election makeup of the committee, whether controlled by Democrats or Republicans, will influence the trajectory of tax policies and legislation. Ranking Member Richard Neal and Chair Jason Smith are among the key figures expected to shape the committee’s agenda moving forward. However, the absence of veteran members like Pascrell creates a void that must be filled by new leadership.
Overall, the transition within the Ways and Means Committee presents both challenges and opportunities for lawmakers like Rep. Horsford. As he prepares to assume a pivotal role in shaping tax policy and fiscal legislation, his experience, priorities, and commitment to public service will be closely scrutinized. The decisions made by the committee in the coming years will have a lasting impact on communities across the country, underscoring the importance of thoughtful and informed leadership.