{"id":6651,"date":"2022-11-10T14:43:18","date_gmt":"2022-11-10T22:43:18","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=6651"},"modified":"2022-11-10T15:33:42","modified_gmt":"2022-11-10T23:33:42","slug":"analysis-of-the-mid-term-elections","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/analysis-of-the-mid-term-elections\/","title":{"rendered":"Analysis of the Mid-Term Elections"},"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 us in asking Congress to stop taking a lifetime of savings from multi generational 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;4.18.0&#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 disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Credit&#8221; _builder_version=&#8221;4.18.0&#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:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2022\/11\/Mid-Term-Elections-and-Divided-Government-Nov.-9-2022.pdf&#8221; link_option_url_new_window=&#8221;on&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h3 style=\"text-align: center;\"><strong>Our thanks to Squire Patton Boggs for this report. <\/strong><\/h3>\n<h3 style=\"text-align: center;\"><strong style=\"background-color: inherit;\">To read more of this analysis and learn more about specific details, please click.<\/strong><\/h3>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.18.0&#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>Polarized Electorate, Divided Government: What to Expect With the 118th Congress<\/h2>\n<h3>Republicans appear to have won a narrow House of Representatives majority; control of the Senate remains undecided as of November 9, 2022.<\/h3>\n<p>While pundits forecast a Red Wave sweeping across the country, voters delivered a different message.<\/p>\n<p>The narrow majorities in both chambers suggest America remains divided, and compromise will be needed to overcome policy gridlock.<\/p>\n<p><strong>Lame Duck Preview<\/strong><\/p>\n<ul>\n<li>This month, both the House of Representatives and Senate will return for a \u201cLame Duck\u201d session, a period of policymaking \u2013lasting through the end of the year \u2013that will include lawmakers who will not be returning for the next Congress.<\/li>\n<li>Of note, Democrats anticipate Republicans demanding concessions in exchange for their support for raising the statutory debt limit when the federal government is set to hit its debt ceiling in 2023. Democratic leaders have discussed utilizing the budget reconciliation process this year to preempt any issues next year, but such actions would require Democratic unity and speed to pass a new budget with reconciliation instructions on the debt limit and subsequently pass a reconciliation bill increasing the debt limit itself.<\/li>\n<\/ul>\n<p><strong>Congress and the Biden Administration will seek to address a host of issues in the coming two years.\u00a0<\/p>\n<p><\/strong><\/p>\n<ul>\n<li>Funding the government \u2013and avoiding a highly disruptive shutdown \u2013will depend on the level of unity among Congressional Republicans<\/li>\n<li>Republicans Seek to Increase National Security Funding; Exercise Oversight of Awards to Ukraine<\/li>\n<li>Education issues are ripe for reform, following rising costs and the impact of the COVID-19 pandemic on students and schools, but education policy has become a frontline for partisan politics.<\/li>\n<li>The GOP is champing at the bit to boost fossil fuels, but the party recognizes that clean energy needs to be part of the equation.<\/li>\n<li>Democrats and Republicans remain polarized on environmental policy, limiting the likelihood of any real progress.<\/li>\n<li>Expect Republicans to aggressively direct U.S. foreign policy priorities and create tough votes for Democrats ahead of the 2024 presidential elections \u2013especially on China.<\/li>\n<li>Temperatures will run high on health issues, with no break in the fever anytime soon.<\/li>\n<li>The business community\u2019s perspective roars back into labor and employment policymaking\u2026caution: more partisan tension ahead!<\/li>\n<li>Republicans ready to rally for reform, but tweaking taxes will be tricky for tax-writers; Treasury to take on targeted tax tasks<\/li>\n<li>Biden officials will continue pursuing \u201cworker-centric\u201d trade policies, while Republicans push for traditional deals that lower tariffs on American-made exports.<\/li>\n<li>House Republicans will seek to undo some signature Democratic infrastructure wins of the past two years.<\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Credit&#8221; _builder_version=&#8221;4.18.0&#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:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2022\/11\/Mid-Term-Elections-and-Divided-Government-Nov.-9-2022.pdf&#8221; link_option_url_new_window=&#8221;on&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h3 style=\"text-align: center;\"><strong>Our thanks to Squire Patton Boggs for this report. <\/strong><\/h3>\n<h3 style=\"text-align: center;\"><strong style=\"background-color: inherit;\">To read more of this analysis and learn more about specific details, please click.<\/strong><\/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;4.18.0&#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. 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.<\/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; global_module=&#8221;5910&#8243; saved_tabs=&#8221;all&#8221; global_colors_info=&#8221;{}&#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\/&#8221; button_text=&#8221;Become a Family Enterprise USA Member&#8221; button_alignment=&#8221;center&#8221; disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Become FEUSA member button&#8221; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; global_module=&#8221;6503&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][et_pb_video_slider admin_label=&#8221;Webinar Replays Video Slider&#8221; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_module=&#8221;5954&#8243; saved_tabs=&#8221;all&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_video_slider_item src=&#8221;https:\/\/www.youtube.com\/watch?v=ebLC74TMplE&#8221; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; show_image_overlay=&#8221;off&#8221;][\/et_pb_video_slider_item][et_pb_video_slider_item src=&#8221;https:\/\/www.youtube.com\/watch?v=fIbiW_qFdE0&#8243; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; show_image_overlay=&#8221;off&#8221;][\/et_pb_video_slider_item][et_pb_video_slider_item src=&#8221;https:\/\/www.youtube.com\/watch?v=uKyoSHKZ-5o&#038;t=81s&#8221; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; show_image_overlay=&#8221;off&#8221;][\/et_pb_video_slider_item][et_pb_video_slider_item src=&#8221;https:\/\/www.youtube.com\/watch?v=KIgfjsdi4o0&#8243; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; show_image_overlay=&#8221;off&#8221;][\/et_pb_video_slider_item][et_pb_video_slider_item src=&#8221;https:\/\/www.youtube.com\/watch?v=6ME0xh9XKSM&#8221; _builder_version=&#8221;4.18.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; show_image_overlay=&#8221;off&#8221;][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text admin_label=&#8221;Hash tags &#038; Tags&#8221; _builder_version=&#8221;4.17.4&#8243; _module_preset=&#8221;default&#8221; global_module=&#8221;6498&#8243; 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 #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>Our thanks to Squire Patton Boggs for this report. To read more of this analysis and learn more about specific details, please click.Polarized Electorate, Divided Government: What to Expect With the 118th Congress Republicans appear to have won a narrow House of Representatives majority; control of the Senate remains undecided as of November 9, 2022. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6654,"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":[78,36],"tags":[],"class_list":["post-6651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-news","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/6651","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=6651"}],"version-history":[{"count":6,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/6651\/revisions"}],"predecessor-version":[{"id":6663,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/6651\/revisions\/6663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/6654"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}