{"id":5005,"date":"2022-03-10T00:16:37","date_gmt":"2022-03-10T08:16:37","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=5005"},"modified":"2022-03-10T14:13:06","modified_gmt":"2022-03-10T22:13:06","slug":"build-back-better-act-comeback-taxation-representation-and-tax-tidbit","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/feusa\/build-back-better-act-comeback-taxation-representation-and-tax-tidbit\/","title":{"rendered":"Build Back Better Act Comeback? 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\/2022-annual-family-business-survey\/” button_text=”Do You Have 5 Minutes To Help Your Multi-Generational Business?” button_alignment=”center” disabled_on=”on|on|on” admin_label=”Call to Action Button” _builder_version=”4.14.8″ _module_preset=”default” custom_button=”on” disabled=”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=”4.14.8″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

BBBA Comeback?<\/strong>\u00a0President Biden\u2019s first State of the Union address appears to have reignited discussions around a revised version of the Build Back Better Act (BBBA), though the president did not reference the legislation by name. During his address, President Biden pared back his priorities to include only a handful: drug pricing and health care reform, child care assistance, home- and community-based services, affordable housing and clean energy. Click\u00a0here<\/a> for a complete overview and analysis of the State of the Union address.<\/h2>\n

Following the address, Sen. Joe Manchin (D-WV) said he could accept spending on \u201cclimate\u201d and left-over funds might go toward \u201csocial issues\u201d in a renegotiated package. He said revenue should be raised through drug pricing reform and by amending the Tax Cuts and Jobs Act so that taxes are increased on high-income earners and corporations. Under Manchin\u2019s proposal, half the revenue raised would be dedicated to deficit reduction. Manchin\u2019s tax proposal will face roadblocks. Sen. Kyrsten Sinema (D-AZ) has previously opposed increases to the corporate rate. At the same time, however, Sinema has supported a corporate minimum tax for large corporations, a new surtax on individuals earning above $10 million and an excise tax on corporate stock buybacks. It is unclear if Manchin will support these provisions, but he acknowledged last week he will have to coordinate with Sinema, saying he is \u201chappy to look at [Sinema\u2019s proposals],\u201d and adding that \u201cKyrsten is a really good friend.\u201d<\/p>\n

Senate Majority Leader Chuck Schumer (D-NY) sought to spur additional momentum on Monday when he sent a Dear Colleague letter that said Senate Democrats are prepared to move on legislation \u201cto lower the rising cost of energy, prescription drugs and health care, and the costs of raising a family.\u201d The letter also said Senate Democrats and Republicans are cooperating on bipartisan legislation to address insulin and meat prices.<\/p>\n

Emergency Appropriations Week.\u00a0<\/strong>Congress is again running up against a government funding deadline. The current continuing resolution (CR), which has retained Trump-era government funding, expires this Friday, March 11. Without passage of additional funding legislation, whether that be another CR or an omnibus, the government will be forced to shut down. This is unlikely to happen.<\/p>\n

To avoid a shutdown, though, Congress must pass another CR or a $1.5 trillion omnibus, the latter of which is more likely. A short-term CR, which would be the fourth of the current fiscal year, could also be necessary, allowing lawmakers additional time to finalize and approve text.<\/p>\n

In addition to finalizing last-minute issues on the omnibus, lawmakers are preparing\u00a0supplemental spending language<\/a>\u00a0that would provide humanitarian, military and economic aid to Ukraine and replenish COVID-19 response programs that have been depleted. The tax components within each are explored in greater depth below:<\/p>\n