{"id":1502,"date":"2019-07-03T15:21:27","date_gmt":"2019-07-03T22:21:27","guid":{"rendered":"http:\/\/familyenterpriseusa.com\/feusa\/from-the-president-7-18-war-on-the-successful\/"},"modified":"2019-07-03T15:21:27","modified_gmt":"2019-07-03T22:21:27","slug":"from-the-president-7-18-war-on-the-successful","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/estate-taxes\/from-the-president-7-18-war-on-the-successful\/","title":{"rendered":"From the President \u2013 7-18 \u2013 War on the Successful"},"content":{"rendered":"
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As reported earlier in the week, Representative\u00a0MikeThompson (D-CA) introduced the Taxpayer Certainty and Disaster Tax Relief Act of 5 2019\u2032, legislation that would extend a variety of expired or expiring tax provisions thru 2020.\u00a0<\/p>\n

These provisions have been labeled the \u201ctax extenders,\u201d as they have routinely been renewed many times retroactively after they\u2019ve expired.\u00a0Our issue, of course, is the way the bill is paid for which is byaccelerated sunset of the estate tax exemption increase by three years: from January 1, 2026, to January 1, 2023.\u00a0The text of this can be found in Section 201 of the Taxpayer Certainty and Disaster Tax Relief Act of 2019.<\/a><\/p>\n

On Thursday the House Ways and Means Committee debated the legislation.\u00a0Chairman Richard Neal (D-MA) opened the hearing by criticizing the Republican-passed TCJA for exasperating a trend of income inequality where the wealthiest members of society are reaping the benefits of tax cuts, while middle-class Americans continue to face a rising cost of living.<\/p>\n

He held out the legislative package before the Committee as a positive step to rectify the effects of the 2017 tax law.<\/p>\n

During the debate, Democrats emphasized that H.R. 3301 would offset the cost of renewing these tax breaks by including the estate tax changes, which they criticized as functioning as a massive tax cut for the wealthiest estates in America. Representative\u00a0Mike\u00a0Thompson (D-CA), however, emphasized that the legislation did not alter the Estate Tax rate.\u00a0\u00a0<\/p>\n

Representative Jason Smith (R-MO) \u2013 the lead sponsor of the Estate Tax Repeal Act of 2019 \u2013 offered an amendment to strike down using the estate tax to pay for the tax extenders bill.\u00a0<\/p>\n

He made the case that accelerating it exacerbates uncertainty to farms and businesses.\u00a0There was no statement by any of the Democrats on this amendment, but it was voted down on a party-line vote with 16 Republicans voting for and 24 Democrats voting against.\u00a0The Committee then approved the bill by a party-line vote of 25-17, freeing the measure up for full House consideration.<\/p>\n

However, it seems unlikely that the bill will ever see a full House vote but instead be used as a House Democratic marker for future bipartisan, bicameral tax negotiations.\u00a0<\/p>\n

On the other side of the Capitol, Senate Finance Committee Chairman Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR) have introduced bipartisan legislation to address the extenders.\u00a0The Senate bill does not include any way to pay for the tax breaks.\u00a0<\/p>\n

Senate Finance Chairman Chuck Grassley (R-IA) told reporters that he thinks Neal has it exactly backward \u2014 that Congress historically hasn\u2019t and shouldn\u2019t offset tax extenders, but should find pay-fors if it wants to expand refundable credits. This sentiment was echoed by Senate Finance Member Ben Cardin (D-MD) who said he didn\u2019t think lawmakers need to offset the cost of renewing extenders because it is already current policy.\u00a0Grassley (R-IA) took that one step further and added that it was a \u201cnon-starter to mess with our tax bill that\u2019s helping the economy so much.<\/p>\n

We now expect our issue to be part of any \u201cgrand bargain\u201d that are cut to keep the government open\/raise the debt ceiling and will continue to meet with both Democrats and Republicans to educate them on the harm the Estate Tax does to family businesses and do not include a rollback of the exemption to pay for corporate tax breaks.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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CAMPAIGN TRAIL<\/td>\n<\/tr>\n
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BIDEN:\u00a0Former Vice President Joe Biden\u00a0on Monday told a clergy-led group focused on fighting poverty that the United States could afford free community college and \u201ctotal health care\u201d if it rolled back parts of President Donald Trump\u2019s signature 2017 tax overhaul.<\/a> \u201cWe have the greatest income inequality in the \u2026 United States of America since 1902. \u201cThe fact here is, there is plenty of money to go around,\u201d Biden said as he was the first of nine Democratic presidential candidates to address the Poor People\u2019s Campaign Moral Action Congress at Trinity University.<\/p>\n

\u201cThis isn\u2019t about punishment\u2026this is just plain fairness. Simple, basic fairness and we have all the money we need to do it.\u201d Among other things, he said eliminating tax credits and loopholes would pay for universal access to Medicaid.\u00a0\u00a0 Read More\u2026<\/a><\/p>\n

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DeBlasio:\u00a0This is reminiscent of another presidential aspirant \u2013 although much less credible odds of winning \u2013 NYC Mayor Bill DeBlasio who said,\u00a0\u201cBrothers and sisters, there\u2019s plenty of money in the world. There\u2019s plenty of money in this city. It\u2019s just in the wrong hands.\u201d<\/a>\u00a0<\/p>\n

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BIDEN\u00a0continued this line of thinking at a couple of other fundraising events, such as a fundraiser at the law firm Paul Weiss in New York where he said, \u201cyou represent a lot of really good people, you represent a lot of people in need, you represent everybody,\u2019 he told the room.<\/p>\n

\u2018But here\u2019s the deal: This wealth gap that exists in the United States of America is so profound now, it is the stuff of which \u2014 not revolutions but political disillusionment \u2014 occurs. Disillusion occurs.\u201d\u00a0And to a room full of rich people he said:<\/p>\n

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\n\u201cBy the way, you know, remember I got in trouble with some of the people on my team, on the Democratic side, because I said, \u2018You know what I\u2019ve found is rich people are just as patriotic as poor people.\u2019\n<\/p>\n<\/blockquote>\n

Not a joke. I mean, we may not want to demonize anybody who has made money.\u00a0\u201cThe truth of the matter is, you all, you all know, you all know in your gut what has to be done. We can disagree in the margins but the truth of the matter is it\u2019s all within our wheelhouse and nobody has to be punished. No one\u2019s standard of living will change, nothing would fundamentally change.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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The post From the President \u2013 7-18 \u2013 War on the Successful<\/a> appeared first on Policy and Taxation Group<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

As reported earlier in the week, Representative\u00a0MikeThompson (D-CA) introduced the Taxpayer Certainty and Disaster Tax Relief Act of 5 2019\u2032, legislation that would extend a variety of expired or expiring tax provisions thru 2020.\u00a0 These provisions have been labeled the \u201ctax extenders,\u201d as they have routinely been renewed many times retroactively after they\u2019ve expired.\u00a0Our issue, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[43],"tags":[50,11,5],"class_list":["post-1502","post","type-post","status-publish","format-standard","hentry","category-estate-taxes","tag-death-tax","tag-estate-tax","tag-family-business"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/1502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1502"}],"version-history":[{"count":0,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/1502\/revisions"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}