{"id":4515,"date":"2021-12-08T14:34:24","date_gmt":"2021-12-08T22:34:24","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=4515"},"modified":"2021-12-08T14:34:29","modified_gmt":"2021-12-08T22:34:29","slug":"taxation-representation-and-tax-tidbit","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/feusa\/taxation-representation-and-tax-tidbit\/","title":{"rendered":"Taxation & Representation and Tax Tidbit"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”3.22″ global_colors_info=”{}”][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/contact-congress-stop-new-tax-on-individuals-and-trusts-and-estates-in-budget-reconciliation\/” url_new_window=”on” button_text=”Have Your Voice Heard in Congress. Please Take Action Today!!!” button_alignment=”center” admin_label=”Call to Action Button” _builder_version=”4.13.1″ _module_preset=”default” custom_button=”on” global_colors_info=”{}”][\/et_pb_button][et_pb_divider _builder_version=”4.10.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”Content” _builder_version=”4.14.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

Tax Tidbit<\/strong><\/h3>\n

Build Back Better Timeline. Senate Majority Leader Chuck Schumer (D-NY) has consistently said for months that he wants the Senate to approve the Build Back Better Act before Christmas. He now faces multiple competing legislative priorities and ongoing discussions over policy. Nevertheless, on Monday, Schumer doubled down on this timeline in a Dear Colleague letter, saying he wants \u201cto pass the legislation before Christmas and get it to the president\u2019s desk.\u201d He then outlined the steps that must be taken to achieve this.<\/p>\n

Schumer said Senate committees are making changes to the House-passed version of the bill so it adheres to requirements under the Byrd Rule. According to Schumer, committees have already begun meeting with the Senate Parliamentarian (known as a \u201cByrd bath\u201d) to confirm their changes will not violate the Byrd Rule. He explained that, beginning Friday and over the weekend, Democrats on eight of the 12 committee submitted their final text to the parliamentarian, the Congressional Budget Office and Senate Republicans. Democrats on the Senate Finance Committee and the Senate Health, Education, Labor and Pensions Committee\u2014which are responsible for the two largest pieces of the bill\u2014met with the parliamentarian yesterday and today and are expected to hold \u201cformal bipartisan Byrd bath meetings\u201d in the coming days. During these meetings, both Democratic and Republican staff will argue the merits of provisions to be included in the bill. While Schumer did not specify a timeline for these bipartisan meetings, Schumer wants \u201cto finalize the remaining committees over the course of this week and next.\u201d<\/p>\n

To accomplish this, Schumer warned what many Senate staffers and members have feared: that \u201cthere are more long days and nights, and potentially weekends, that the Senate will be in session this month.\u201d<\/p>\n

In acknowledging other legislative priorities, Schumer said \u201cof course, there are other priorities we plan to address before the end of the year as well, including voting rights, debt limit, NDAA, among others.\u201d He explicitly said the Senate would be focused this week on confirming nominees, a final conference amendment for the National Defense Authorization Act (NDAA) and a service for the late WWII hero and Senate Majority Leader, Robert Dole (R-KS), who passed away over the weekend at the age of 98.<\/p>\n

Despite Schumer\u2019s best efforts, the Senate is unlikely to consider the Build Back Better Act before the new year, and lawmakers have seemingly begun accepting this. Sens. Kyrsten Sinema (D-AZ) and Joe Manchin (D-WV), for instance, have both indicated they are happy to wait until the new year to move forward on the package.<\/p>\n

Congressional tax writers have echoed these sentiments, including House Ways and Means Committee Chair Richard Neal (D-MA); Rep. Don Beyer (D-VA), who said passing the Build Back Better Act through the Senate before Christmas \u201csounds like a really tall order;\u201d and Rep. Ron Kind (D-WI), who said the \u201cwindow is closing\u201d for the Senate to pass the bill this year. In the upper chamber, Sen. Ben Cardin (D-MD), a member of the Senate Finance Committee, seemingly also urged caution, saying \u201cthere\u2019s no sense getting ahead of ourselves.\u201d<\/p>\n

Legislative Lowdown<\/strong><\/h3>\n

Yellen and Powell Testimony Takeaways. Last week, Treasury Secretary Janet Yellen and Chair of the Board of Governors of the Federal Reserve System Jerome Powell testified before the House Financial Services Committee and the Senate Banking Committee. While both hearings were ostensibly focused on congressional oversight following enactment of the CARES Act, lawmakers explored issues related to tax policy as well. These discussions are briefly summarized below:<\/p>\n