{"id":5902,"date":"2022-08-15T12:09:47","date_gmt":"2022-08-15T19:09:47","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=5902"},"modified":"2022-08-15T19:24:57","modified_gmt":"2022-08-16T02:24:57","slug":"reconciliation-update-taxation-representation-2","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/reconciliation-update-taxation-representation-2\/","title":{"rendered":"House Passes Inflation Reduction Act"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.16&#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;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_button button_url=&#8221;https:\/\/www.ditchtheestatetax.com\/contact-congress-2\/&#8221; url_new_window=&#8221;on&#8221; button_text=&#8221;Join other hard-working American taxpayers in asking Congress to stop the estate tax from killing jobs and family-owned businesses.&#8221; button_alignment=&#8221;center&#8221; disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.17.6&#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;4.16&#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;4.17.6&#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<h2>The House of Representatives passed the $740 billion Inflation Reduction Act (H.R. 5376) in a party-line 220 to 207 vote (four Republicans did not vote). There were no changes made to the bill in the House ahead of passage. Republicans submitted 179 amendments to the bill, but none were considered.<\/h2>\n<h3>The final House vote followed three hours of debate where Republicans criticized all aspects of the proposal, arguing that it will exacerbate inflation, spur audits of middle-class Americans, stifle pharmaceutical innovation and increase energy costs for American families.<\/h3>\n<p>Democrats generally highlighted new investments in renewable-energy technologies, which they said will reduce emissions 40% by 2030, and provisions to allow Medicare to directly negotiate the prices of prescription drugs with manufacturers. Brownstein has prepared detailed summaries on the\u00a0<a href=\"https:\/\/comms.bhfs.com\/collect\/click.aspx?u=VTMveU1jNXNJRTJNaTlqTzU3RU0wY0QzMzNybVpxLzMrODJXeEhGOXBLeVYxczdlbmo1K3RqUnF1UkRpVjI2MHJxbDB1dlBGYkFIOHIzTHgvNVJEUzVvdjUyRGhOcGdNU0J2bURhdGJJaklBY2VIZUNDODJiODNLMmxMdHpzbTg1bnhSdngvV21nVmh5UktneTVtaEVZU0o3aFVlVXorWTNyMHN6dmVtZWtadWxEUHBnN20zTHc9PQ==&amp;rh=ff0096bfa4d3922b5309f328f240b38835fc8d24\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/comms.bhfs.com\/collect\/click.aspx?u%3DVTMveU1jNXNJRTJNaTlqTzU3RU0wY0QzMzNybVpxLzMrODJXeEhGOXBLeVYxczdlbmo1K3RqUnF1UkRpVjI2MHJxbDB1dlBGYkFIOHIzTHgvNVJEUzVvdjUyRGhOcGdNU0J2bURhdGJJaklBY2VIZUNDODJiODNLMmxMdHpzbTg1bnhSdngvV21nVmh5UktneTVtaEVZU0o3aFVlVXorWTNyMHN6dmVtZWtadWxEUHBnN20zTHc9PQ%3D%3D%26rh%3Dff0096bfa4d3922b5309f328f240b38835fc8d24&amp;source=gmail&amp;ust=1660666352937000&amp;usg=AOvVaw2-qXNe63xtWLYPIr-l4qkT\">energy<\/a>\u00a0and\u00a0<a href=\"https:\/\/comms.bhfs.com\/collect\/click.aspx?u=VTMveU1jNXNJRTJNaTlqTzU3RU0wY0QzMzNybVpxLzMrODJXeEhGOXBLeVYxczdlbmo1K3RqUnF1UkRpVjI2MHJxbDB1dlBGYkFIOHIzTHgvNVJEUzVvdjUyRGhOcGdNVWF5Z3d3dVhuK0hUcWJiSmE1VHJZYmJRMXlLc0V6emxuQytpWWVSZ3hxR3JvN0tVdnVKUlFieTJqS0F4S05RcGo2MElRK2tmTEJrPQ==&amp;rh=ff0096bfa4d3922b5309f328f240b38835fc8d24\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/comms.bhfs.com\/collect\/click.aspx?u%3DVTMveU1jNXNJRTJNaTlqTzU3RU0wY0QzMzNybVpxLzMrODJXeEhGOXBLeVYxczdlbmo1K3RqUnF1UkRpVjI2MHJxbDB1dlBGYkFIOHIzTHgvNVJEUzVvdjUyRGhOcGdNVWF5Z3d3dVhuK0hUcWJiSmE1VHJZYmJRMXlLc0V6emxuQytpWWVSZ3hxR3JvN0tVdnVKUlFieTJqS0F4S05RcGo2MElRK2tmTEJrPQ%3D%3D%26rh%3Dff0096bfa4d3922b5309f328f240b38835fc8d24&amp;source=gmail&amp;ust=1660666352937000&amp;usg=AOvVaw0GlVYG03SEnzKg9UEF_pHX\">tax<\/a>\u00a0components of the reconciliation bill.\u00a0\u00a0<\/p>\n<p>Friday\u2019s vote concluded Democrats\u2019 18-month quest to pass a major tax and spending package through the budget reconciliation process. President\u00a0Joe\u00a0Biden is expected to sign the bill into law\u00a0within the next couple of weeks.\u00a0With the bill passed, the House rejoined the Senate on recess. Congress is scheduled to remain out\u00a0of session\u00a0through Labor Day as lawmakers hit the campaign trail ahead of the midterms.<\/p>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Credit&#8221; _builder_version=&#8221;4.17.6&#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;https:\/\/comms.bhfs.com\/rv\/ff0096bfa4d3922b5309f328f240b38835fc8d24&#8243; link_option_url_new_window=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3 style=\"text-align: center;\"><a href=\"https:\/\/comms.bhfs.com\/rv\/ff0096bfa4d3922b5309f328f240b38835fc8d24\" target=\"_blank\" rel=\"noopener\"><strong>Our thanks to Brownstein Hyatt Farber Schreck for this report. Read more and the summaries.<\/strong><\/a><\/h3>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/2022-annual-family-business-survey\/&#8221; button_text=&#8221;Have Your Voice Heard in Congress. Please Take Action Today!!!&#8221; button_alignment=&#8221;center&#8221; disabled_on=&#8221;on|on|on&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; disabled=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.16&#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;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_divider disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text admin_label=&#8221;Become a member text&#8221; _builder_version=&#8221;4.17.6&#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_module=&#8221;5822&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h4><em>We hope you&#8217;ve enjoyed this article. While you&#8217;re here, we have a small favor to ask&#8230;<\/em><\/h4>\n<p>As we prepare for what promises to be a pivotal year for America, we&#8217;re asking you to consider becoming a member.<\/p>\n<p>The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That&#8217;s why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.\u00a0 Those issues include Step Up in Basis, gift tax, Valuation Discounts, Capital Gains Tax, Income Tax Rates, Wealth Tax, &amp; Estate Tax (death tax).<\/p>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;FEUSA Statement&#8221; _builder_version=&#8221;4.17.6&#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; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243; global_module=&#8221;5910&#8243; saved_tabs=&#8221;all&#8221;]<\/p>\n<hr \/>\n<p><a href=\"https:\/\/familyenterpriseusa.com\/membership\/\">Family Enterprise USA<\/a> Family Enterprise USA promotes family business and job creation, growth, viability, and sustainability by advocating for family businesses, their lifetime of savings, and the issues they face running their businesses every day. The issues we fight for or against with Congress in Washington DC are high Income Tax Rates, possible elimination of Valuation Discounts, increase in Capital Gains Tax, enactment of a Wealth Tax, and the continued burden of the Estate Tax (death tax), and with the possible elimination of Step up in Basis. Family Enterprise USA represents and celebrates all sizes, and industries of family businesses and multi-generational employers.<\/p>\n<p>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;4.16&#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=Z15BqbFOYck&#8221; _builder_version=&#8221;4.17.6&#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;4.17.6&#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 #taxes #taxseason #federaltaxpolicy #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House of Representatives passed the $740 billion Inflation Reduction Act (H.R. 5376) in a party-line 220 to 207 vote (four Republicans did not vote). There were no changes made to the bill in the House ahead of passage. Republicans submitted 179 amendments to the bill, but none were considered. The final House vote followed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5904,"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":[48,92,78,76,36],"tags":[],"class_list":["post-5902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-in-the-news","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5902","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=5902"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5902\/revisions"}],"predecessor-version":[{"id":5911,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5902\/revisions\/5911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/5904"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}