{"id":4477,"date":"2021-12-06T21:05:06","date_gmt":"2021-12-07T05:05:06","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=4477"},"modified":"2021-12-06T21:05:10","modified_gmt":"2021-12-07T05:05:10","slug":"infrastructure-update-week-of-november-29-december-3","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/feusa\/infrastructure-update-week-of-november-29-december-3\/","title":{"rendered":"Infrastructure Update &#8211; Week of November 29 &#8211; December 3"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;3.22&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/polling-and-research\/contact-congress-stop-new-tax-on-individuals-and-trusts-and-estates-in-budget-reconciliation\/&#8221; url_new_window=&#8221;on&#8221; button_text=&#8221;Have Your Voice Heard in Congress. Please Take Action Today!!!&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.13.1&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][et_pb_divider _builder_version=&#8221;4.10.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.14.1&#8243; text_font=&#8221;||||||||&#8221; text_font_size=&#8221;16px&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3>As inflation concerns rise, Senators Manchin (D-WV) and Sinema (D-AZ) will not commit to voting for the Build Back Better (BBB) Act before Christmas \u2013 Senate Majority Leader Schumer\u2019s target timeline.\u00a0\u00a0\u00a0\u00a0<\/h3>\n<p><strong>What the White House Is Saying<\/strong><\/p>\n<ul>\n<li>Federal Reserve: risk of higher inflation has increased.\u00a0At a Senate Banking Committee hearing on November 30, Federal Reserve Chairman Jerome Powell\u00a0<a href=\"https:\/\/plus.cq.com\/doc\/news-6402638?1&amp;utm_medium=newsletter&amp;utm_source=btmorning\" target=\"_blank\" rel=\"noopener\">said<\/a>\u00a0the risk of higher inflation has increased because of supply chain issues spurred by the pandemic. He added that while he expects inflation will decrease over the next year, there is a chance it will persist longer.<\/li>\n<\/ul>\n<p><strong>What Members Are Saying<\/strong><\/p>\n<ul>\n<li>CBO projects government to run out of funds by mid-December, Schumer and McConnell remain quiet on solution.\u00a0On November 30, the Congressional Budget Office (CBO)\u00a0<a href=\"https:\/\/www.cbo.gov\/publication\/57635\" target=\"_blank\" rel=\"noopener\">projected<\/a>\u00a0that if the debt limit remains unchanged and the Treasury transfers $118 billion to the Highway Trust Fund on December 15 \u2013 as currently planned, and required to implement the IIJA \u2013 the Treasury would most likely run out of cash before the end of December. To avoid breaching the current debt limit, which the Department has already reached, the Treasury is using extraordinary measures that allow it to continue to borrow additional amounts for a limited time. However, the Secretary of the Treasury may have the authority to defer all or part of the transfer to the Highway Trust Fund and transfer only the amounts needed for immediate use. Under this scenario, the government would be able to pay its obligations until sometime in January. Senate Majority and Minority Leaders Schumer (D-NY) and McConnell (R-KY) have not offered any information on their discussions for a debt limit solution; though Senator Schumer has\u00a0<a href=\"https:\/\/www.bgov.com\/core\/news\/#!\/articles\/R3E4JBDWLU6N\" target=\"_blank\" rel=\"noopener\">signaled<\/a>\u00a0there will be a bipartisan measure.\u00a0<\/li>\n<li>Manchin will not commit to Schumer\u2019s Christmas BBB timeframe, reiterates concerns over inflation.\u00a0On November 29, Senator Manchin (D-WV)\u00a0<a href=\"https:\/\/www.bgov.com\/core\/news_articles\/R3CU4IT1UM0Y\" target=\"_blank\" rel=\"noopener\">stated<\/a>\u00a0he is in the process of reviewing the House-passed version of the BBB and he will not commit to Senate Majority Leader Schumer\u2019s (D-NY) timeframe of passing the legislation before Christmas. Senator Manchin also reiterated his concerns over inflation, highlighting the Federal Reserve\u2019s findings that it is not transitory. Earlier this year, Senator Manchin\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/manchin-pelosi-biden-3-5-trillion-reconciliation-government-spending-debt-deficit-inflation-11630605657\" target=\"_blank\" rel=\"noopener\">urged<\/a>\u00a0his Democratic colleagues to hit a \u201cstrategic pause\u201d on the reconciliation bill in order to evaluate whether inflation is transitory or not. Senator Manchin also noted the discovery of the Omicron COVID-19 variant is exasperating economic uncertainty.\u00a0<\/li>\n<li>Sinema not committed to voting \u201cyes\u201d on BBB.\u00a0During a December 2 interview on CNN, Senator Kyrsten Sinema would not commit to voting in favor of BBB. However, she stated she is \u201cprepared to vote and to vote for what\u2019s right for the interests of Arizona.\u201d Reportedly, Senator Sinema has also privately been telling her colleagues that BBB will not pass before Christmas \u2013 Majority Leader Schumer\u2019s timeline.\u00a0<\/li>\n<li>Sanders and Mendez clash over alternate SALT proposal.\u00a0Senators Bob Menendez (D-NJ) stated that Senator Bernie Sanders (I-VT) has \u201cwalked away\u201d from their negotiations on an alternate state and local tax (SALT) proposal for BBB. The House-passed version of the BBB increases the cap on the SALT deduction from $10,000 to $80,000 through 2030 and then returns the deduction cap to $10,000 in 2031. However, Senator Sanders and Menendez have been discussing an alternative proposal that would allow an unlimited deduction for individuals up to a certain income level. Senator Sanders (I-VT) would like to set the income limit at $400,000, and raise revenue, while Senator Mendendez would like to set the income level higher at around $550,000 and keep the proposal revenue neutral.<\/li>\n<li>Canada Trade Minister meets with Congressional leaders over BBB EV proposals.\u00a0 This week, Canada\u2019s International Trade Minister, Mary Ng, met with Congressional leaders and industry stakeholders to advocate on behalf of the Canadian auto industry in light of the electric vehicle (EV) proposals included in the BBB and IIJA. Last month, Canadian Prime Minister Justin Trudeau discussed the concerns with President Biden, where he\u00a0<a href=\"https:\/\/subscriber.politicopro.com\/article\/2021\/11\/electric-vehicles-spark-discord-at-bidens-trilateral-summit-2096974?source=email\" target=\"_blank\" rel=\"noopener\">argued<\/a>\u00a0proposed EV tax credits in the BBB would violate international trade agreements, including the United States-Mexico-Canada Agreement (USMCA) and undermine the Canadian auto industry.\u00a0<\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Credit&#8221; _builder_version=&#8221;4.14.1&#8243; text_font=&#8221;||||||||&#8221; text_font_size=&#8221;16px&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; link_option_url=&#8221;http:\/\/www.squirepattonboggs.com\/&#8221; link_option_url_new_window=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3 style=\"text-align: center;\">Thank you to Squire Patton Boggs (US) LLP<\/h3>\n<h3 style=\"text-align: center;\"><strong>\u00a0<\/strong><\/h3>\n<p>[\/et_pb_text][et_pb_divider _builder_version=&#8221;4.10.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/polling-and-research\/contact-congress-stop-new-tax-on-individuals-and-trusts-and-estates-in-budget-reconciliation\/&#8221; button_text=&#8221;Contact Your Member of Congress &#8211; It Only Takes 35 Seconds&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.13.1&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;FEUSA Statement&#8221; _builder_version=&#8221;4.8.2&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; link_option_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<hr \/>\n<p><a href=\"https:\/\/familyenterpriseusa.com\/membership\/\">Family Enterprise USA<\/a> advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. <a href=\"https:\/\/familyenterpriseusa.com\/membership\/\">Family foundations can donate.<\/a><\/p>\n<hr \/>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/&#8221; button_text=&#8221;Are you an FEUSA Member?  If not, get in on the movement today!&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.9.3&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][et_pb_video src=&#8221;https:\/\/www.youtube.com\/watch?v=kG0lDKbmJxg&#8221; _builder_version=&#8221;4.14.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_video][et_pb_text admin_label=&#8221;Hash tags &#038; Tags&#8221; _builder_version=&#8221;4.9.10&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>@FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyBusiness #Business #SmallBiz #EstateTax #Deathtax #CapitalGainsTax #StepUpInBasis #Taxes #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #promotefamilybusinesses #taxLegislation #AdvocatingForFamilyBusinesses #incometax #Generationallyowned #Multigenerationalbusiness<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As inflation concerns rise, Senators Manchin (D-WV) and Sinema (D-AZ) will not commit to voting for the Build Back Better (BBB) Act before Christmas \u2013 Senate Majority Leader Schumer\u2019s target timeline.\u00a0\u00a0\u00a0\u00a0 What the White House Is Saying Federal Reserve: risk of higher inflation has increased.\u00a0At a Senate Banking Committee hearing on November 30, Federal Reserve [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1510,"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":[48,3,78,36],"tags":[],"class_list":["post-4477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-in-the-news","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/4477","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=4477"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/4477\/revisions"}],"predecessor-version":[{"id":4482,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/4477\/revisions\/4482"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/1510"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}