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On Tuesday afternoon, May 13, the Ways and Means Committee (“Committee”) started its markup of the tax title for the FY2025 budget reconciliation bill.
The Committee favorably reported the bill on Wednesday morning, May 14, by a party-line vote of 26-19. During the markup, 38 Democratic-supported amendments were offered, but none were adopted.
The Committee’s tax title goes next to the House Budget Committee, which is responsible for consolidating the legislative packages reported by the other House committees with instructions under the budget resolution. The Budget Committee is expected to hold a markup later this week to approve the consolidated reconciliation bill, with no amendments permitted. The final package will then go before the House Rules Committee and is expected to come before the House for final passage next week.
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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