{"id":16583,"date":"2026-02-25T17:15:02","date_gmt":"2026-02-26T01:15:02","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=16583"},"modified":"2026-02-26T18:31:25","modified_gmt":"2026-02-27T02:31:25","slug":"taxation-representation-gop-divided-as-wealth-tax-momentum-grows","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/taxation-representation-gop-divided-as-wealth-tax-momentum-grows\/","title":{"rendered":"Taxation & Representation: GOP Divided as Wealth Tax Momentum Grows"},"content":{"rendered":"

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Republican Split on Reconciliation 2.0:<\/strong> Earlier this month, President Trump ruled out a second budget reconciliation bill after last year\u2019s One Big Beautiful Bill Act (OBBBA,\u00a0P.L. 119-21<\/a>). Some congressional Republicans like Rep. August Pfluger (R-TX) and Sen. John Kennedy (R-LA) continue to advocate for another reconciliation bill for Trump\u2019s America First agenda on housing, health care, energy, military, border security and tariffs before the midterms. \u00a0Get the Details<\/a><\/h2>\n

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Warren, Markey Introduce Corporate Crimes Against Health Care Act:<\/strong> On Feb. 11, Sens. Elizbeth Warren (D-MA), Ed Markey (D-MA) and other lawmakers introduced the Corporate Crimes Against Health Care Act. Among its other features, the\u00a0bill<\/a> would repeal the rule allowing real estate investment trusts (REITs) to operate certain health care properties through taxable REIT subsidiaries. The bill would also eliminate all qualified REIT dividends from the section 199A qualified business income deduction and prohibit federal health care program payments to providers that sell assets to or pledge them as collateral for loans with REITs. Get the Details<\/a><\/div>\n
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Kiley Introduces the Keep Jobs in California Act of 2026:<\/strong> On Feb. 18, Rep. Kevin Kiley (R-CA) introduced\u00a0H.R. 7619<\/a>, the Keep Jobs in California Act of 2026. The bill would prohibit states from imposing retroactive taxes on individuals who are no longer residents of the state. The bill targets the California ballot initiative on the wealth tax that would apply to individuals who lived in the state as of Jan. 1, 2026, even if they left the state prior to the adoption of the initiative. Get the Details<\/a><\/p>\n

Washington Senate Passes Wealth and Income Tax Measures:<\/strong> Last week, the Washington state Senate passed\u00a0S.B. 6346<\/a>\u00a0and\u00a0S.B. 6347<\/a>, which respectively would establish a 9.9% tax on annual net income over $1 million in 2029, and roll back last year\u2019s estate tax increases. Both measures have been sent to the House and will be considered by the committee on Feb. 27. Get the Details<\/a> <\/p>\n

Illinois Millionaire Surtax Amendment Introduced:<\/strong> Rep. LaShawn Ford (D) introduced\u00a0HRJCA0026<\/a>, which would amend the state constitution and impose a 3% surtax on annual income over $1 million. The bill is currently in the Illinois state House, and if adopted by both chambers it would be put on a general election ballot six months after adoption. If voters approve of the resolution, it would give the general assembly approval to proceed with a constitutional amendment. Get the Details<\/a><\/div>\n

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Wealth Tax bills surge as D.C. fractures. Major tax shifts may be closer than you think. Are we at a tipping point? Budget fights collide with Wealth Tax expansion and clean energy credit changes.<\/span><\/a><\/strong><\/h3>\n

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About Brownstein Hyatt Farber Schreck
<\/strong>Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you\u2019ll immediately recognize a different type of energy. Complacency doesn\u2019t have a place here. Flexibility and inspiration do.\u00a0Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients\u2019 needs and provide them with the resources they require to meet their business objectives.<\/p>\n

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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n

As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n

The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned businesses<\/a> 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<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n

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Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n

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#incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA #FEUSA<\/p>\n

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Republican Split on Reconciliation 2.0: Earlier this month, President Trump ruled out a second budget reconciliation bill after last year\u2019s One Big Beautiful Bill Act (OBBBA,\u00a0P.L. 119-21). Some congressional Republicans like Rep. August Pfluger (R-TX) and Sen. John Kennedy (R-LA) continue to advocate for another reconciliation bill for Trump\u2019s America First agenda on housing, health […]<\/p>\n","protected":false},"author":2,"featured_media":16585,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,92,36,115],"tags":[],"class_list":["post-16583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-taxes","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16583","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=16583"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16583\/revisions"}],"predecessor-version":[{"id":16598,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16583\/revisions\/16598"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/16585"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}