[et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ 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=”4.16″ _module_preset=”default” custom_button=”on” disabled=”on” global_colors_info=”{}”][\/et_pb_button][et_pb_divider _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”Content” _builder_version=”4.17.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n
President Biden has also been engaged in negotiations, recently meeting with Schumer and House Speaker Nancy Pelosi (D-CA) in order to reach a deal.<\/p>\n
Schumer is laying the groundwork for potential action in the coming weeks. His staff is meeting with the Senate parliamentarian to prepare for a vote in July or early August. This timeline is achievable, according to Senate Finance Committee Chair Ron Wyden (D-OR), who has reportedly been directly involved in discussions. Wyden said last week he is \u201cspending a significant amount of time every day on it\u201d and that he thinks it can get \u201cdone before the August break.\u201d<\/p>\n
White House Weighs Plan to Counter Inflation.\u00a0<\/strong>As inflation continues to climb, President Biden is working on legislation to provide Americans relief. Over the weekend, National Economic Council Director Brian Deese said the president is considering a legislative package to help Americans combat inflationary pressure. According to Deese, the White House is \u201cworking very closely with congressional leadership, with Senate leadership on that\u201d package and is hoping to \u201csee progress on that in the coming weeks.\u201d<\/p>\n President Biden also announced his support for a suspension of the 18.4-cents-a-gallon federal gasoline tax to provide relief at the pump. Wyden lent his support for the idea, saying earlier this week \u201cit should absolutely be on the table.\u201d However, it is unlikely to gain the congressional support necessary to become law, and multiple members of Congress, including Democrats, have already come out against the proposal.<\/p>\n Senate Finance Considers EARN Act.<\/strong>\u00a0The Senate Finance Committee held an\u00a0executive session<\/a>\u00a0on Wednesday to consider the Enhancing American Retirement Now (EARN) Act.<\/p>\n The EARN Act, introduced by the committee chair on Friday, would help American save by encouraging employees to enroll in retirement savings plans, among other measures. A full section-by-section of the legislation can be found\u00a0here<\/a>.<\/p>\n Wyden said the bill has received input from committee\u2019s ranking member, Sen. Mike Crapo (R-ID), as well as Sens. Rob Portman (R-OH) and Ben Cardin (D-MD), indicating the bill could receive bipartisan support in committee. According to the\u00a0Joint Committee on Taxation<\/a>, the EARN Act would generate $539 million in revenue. Next, the EARN Act and other retirement security legislation moving through Congress will be compiled into a single package.<\/p>\n In the Senate Health Education Labor and Pensions (HELP) Committee, lawmakers are working on their own retirement package. Specifically, Committee Chair Patty Murray (D-WA) and Ranking Member Richard Burr (R-NC), have been coordinating on a package.<\/p>\n Retirement security legislation is widely viewed among congressional tax staffers as having bipartisan support, and a package is expected to move by the end of this year. Some lawmakers, such as Sen. Chuck Grassley (R-IA), expect the retirement security language to ultimately be included in a year-end appropriations package.<\/p>\n Earlier this year, the House passed the Securing a Strong Retirement Act (H.R.2954), also known as \u201cSECURE 2.0,\u201d which would promote retirement security by providing for the automatic enrollment of employees in certain plans and increasing the age at which participants are required to begin receiving mandatory distributions, among other provisions.<\/p>\n [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Credit” _builder_version=”4.17.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/comms.bhfs.com\/rv\/ff009374c221b9dac9a58353474e8c6bbf007ae9″ link_option_url_new_window=”on” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_divider disabled_on=”on|on|on” _builder_version=”4.17.4″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/2022-annual-family-business-survey\/” button_text=”Have Your Voice Heard in Congress. Please Take Action Today!!!” button_alignment=”center” disabled_on=”on|on|on” admin_label=”Call to Action Button” _builder_version=”4.16″ _module_preset=”default” custom_button=”on” disabled=”on” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”FEUSA Statement” _builder_version=”4.16″ 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=”4.16″ _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=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_video][et_pb_text admin_label=”Hash tags & Tags” _builder_version=”4.17.4″ _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 #taxes #taxseason #federaltaxpolicy #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Congressional Democrats are still hoping they can pass some version of the Build Back Better Act (BBBA), the budget reconciliation vehicle to advance some of President Joe Biden\u2019s legislative policies, prior to the August recess. Due to Sen. Joe Manchin\u2019s (D-WV) concerns over inflation and outsized congressional spending, a revised package will include less spending […]<\/p>\n","protected":false},"author":2,"featured_media":5538,"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":[78,76,36],"tags":[],"class_list":["post-5536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-news","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5536","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=5536"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5536\/revisions"}],"predecessor-version":[{"id":5543,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5536\/revisions\/5543"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/5538"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Our thanks to Brownstein Hyatt Farber Schreck for this report.\u00a0 Click here to read more.<\/strong><\/h3>\n
\n
\n