[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
Senate Finance Committee Democrats Update Build Back Better.\u00a0<\/strong>On Saturday afternoon, Senate Finance Committee Chair Ron Wyden (D-OR) released\u00a0legislative text<\/a>\u00a0for the committee\u2019s portion of the Build Back Better Act. The text includes both technical corrections and substantive changes to the House-passed version of the bill.<\/p>\n Since then, the Brownstein Tax Policy Team has been hard at work creating a comprehensive summary and analysis of the new text, with an emphasis on the differences between it and the House-passed version. We expect to finish that analysis within the coming days.<\/p>\n In the meantime, for other analysis and context on current negotiations and the prospects of the Build Back Better Act, keep reading.<\/p>\n Build Back Better: Procedural Steps Ahead.<\/strong>\u00a0Senate Majority Leader Chuck Schumer (D-NY) on Monday stood firmly behind his goal for the Senate to vote on the Build Back Better Act before the chamber leaves for the holidays. To meet this timeline, however, the Senate must act this week or next. With each passing day, this appears less and less likely, particularly given the steps that must be taken before the package can receive a floor vote. Below is a high-level overview of those steps:<\/p>\n While not many tax policies are likely to be challenged before the parliamentarian, there are some that could be: for example, a provision under discussion directing the Internal Revenue Service (IRS) to study the feasibility of the agency operating its own Free File program, and tax incentives for union-produced electric vehicles.<\/p>\n<\/li>\n<\/ul>\n This all assumes that 50 Democratic senators are prepared to vote for the package\u2014a number that has thus far eluded Schumer and the White House. Key to securing Democratic unity will be the support of a few moderate senators, such as Sen. Joe Manchin (D-WV).<\/p>\n It\u2019s Joe Manchin\u2019s World.\u00a0<\/strong>And we are all just living in it, including Democratic leadership. The most recent example of this came on Monday afternoon when President Joe Biden spoke to Manchin about remaining issues with the Build Back Better Act.<\/p>\n Although the specifics of the call remain confidential, White House Press Secretary Jen Psaki previewed the discussion during her Monday press conference: \u201cSen. Manchin has been in touch over the course of the last several weeks closely with senior members of the White House staff, and we expect this just to be a continuation of that conversation.\u201d She reiterated that she did not \u201csee this as a negotiating table as much as a conversation between two people who have been in public life for some time and have had good faith discussions directly,\u201d before adding that \u201cthis is just a continuation of that.\u201d When asked about the timeline under which the Build Back Better Act would be considered in Congress, Psaki said the White House is \u201cfully supportive\u201d of Schumer\u2019s efforts to move the bill forward before the holidays.<\/p>\n While that discussion was private, Manchin and the White House have engaged in a pubic negotiation over certain concerns. Two of the most pressing concerns expressed by Manchin, the overall price tag and its impact on inflation, have largely been addressed by the Biden administration.<\/p>\n [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Credit” _builder_version=”4.14.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/comms.bhfs.com\/rv\/ff0087b144c5124c53d185e65e43bcfa43476999″ link_option_url_new_window=”on” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_divider _builder_version=”4.10.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][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\/” button_text=”Contact Your Member of Congress – It Only Takes 35 Seconds” 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_column][\/et_pb_row][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_text admin_label=”FEUSA Statement” _builder_version=”4.8.2″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_colors_info=”{}”]<\/p>\n 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.. Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” button_text=”Are you an FEUSA Member? If not, get in on the movement today!” button_alignment=”center” admin_label=”Call to Action Button” _builder_version=”4.9.3″ _module_preset=”default” custom_button=”on” global_colors_info=”{}”][\/et_pb_button][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=CNmxhUJVNxs” _builder_version=”4.14.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_video][et_pb_text admin_label=”Hash tags & Tags” _builder_version=”4.9.10″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyBusiness #Business #SmallBiz #EstateTax #Deathtax #CapitalGainsTax #StepUpInBasis #Taxes #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #promotefamilybusinesses #taxLegislation #AdvocatingForFamilyBusinesses #incometax #Generationallyowned #Multigenerationalbusiness<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Tax Tidbit Senate Finance Committee Democrats Update Build Back Better.\u00a0On Saturday afternoon, Senate Finance Committee Chair Ron Wyden (D-OR) released\u00a0legislative text\u00a0for the committee\u2019s portion of the Build Back Better Act. The text includes both technical corrections and substantive changes to the House-passed version of the bill. Since then, the Brownstein Tax Policy Team has been […]<\/p>\n","protected":false},"author":2,"featured_media":1870,"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":[48,3,92,78,36],"tags":[],"class_list":["post-4586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-multi-generational-business","category-in-the-news","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/4586","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=4586"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/4586\/revisions"}],"predecessor-version":[{"id":4591,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/4586\/revisions\/4591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/1870"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Legislative Lowdown<\/strong><\/h3>\n
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Read the FULL “Taxation & Representation, Dec. 14, 2021” update from Brownstein Hyatt Farber Schreck.<\/strong><\/h3>\n
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