{"id":6730,"date":"2022-11-21T17:16:28","date_gmt":"2022-11-22T01:16:28","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=6730"},"modified":"2022-11-21T17:16:34","modified_gmt":"2022-11-22T01:16:34","slug":"post-midterms-analysis","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/post-midterms-analysis\/","title":{"rendered":"Post-Midterms Analysis"},"content":{"rendered":"

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As votes continue to be counted, it is clear the election was unexpectedly tighter\u2014and better for Democrats\u2014than most observers expected. While a handful of House races remain undecided, our current view is while Republicans will take control of the House, they will have a very narrow majority in the single digits.<\/h2>\n

Relative to expectations, House Democrats are in good shape after being largely resigned to entering a significant minority in the chamber. The slim Republican majority complicates the path to the speakership for House Minority Leader Kevin McCarthy (R-CA).<\/h3>\n

While McCarthy overwhelmingly won his colleagues\u2019 endorsement to be speaker-designate, there are concerns about what he must compromise on in negotiations with the conservative House Freedom Caucus to secure the requisite 218 votes to be elected speaker on the first day of the 118th Congress. Former Speaker Paul Ryan (R-WI) and outgoing Speaker Nancy Pelosi (D-CA) faced similar opposition before their respective floor votes, but each was able to close the gap between their conference and floor votes. McCarthy will have to work hard throughout December to hold his conference together and secure the speakership on Jan. 3. Across the aisle, House Democrats will enter an era of new leadership, with Pelosi and House Majority Leader Steny Hoyer (D-MD) announcing on Nov. 17 that they would step down from their roles atop the caucus.<\/p>\n

In the Senate, Democrats managed to hold their majority by winning several key races across the country. However, the Georgia Senate race\u2014which will go to a run-off election to be held Dec. 6\u2014will still have significant implications on how the Senate will operate. If Democrats hold the seat, they will have increased their majority to 51-49, meaning that Senate committees would no longer be evenly split. This would allow Democrats to speed up certain legislative processes, like the elimination of the need to take time considering discharge petitions on the Senate floor when committee votes end in a tie. It will also impact committee ratios and staff budgets going into the next Congress.<\/p>\n

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Our thanks to Brownstein Hyatt Farber Schreck for this report. <\/strong><\/h3>\n

For a more in-depth look at these results as well as what Brownstein thinks comes next, please click.<\/strong><\/h3>\n

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About Brownstein Hyatt Farber Schreck
<\/strong>Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you\u2019ll immediately recognize a different type of energy. Complacency doesn\u2019t have a place here. Flexibility and inspiration do.\u00a0Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients\u2019 needs and provide them with the resources they require to meet their business objectives.<\/p>\n

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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n

As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n

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’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

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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

Family Enterprise USA is a 501(c)(3) non-profit organization. Family foundations can donate.<\/a><\/p>\n

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@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

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As votes continue to be counted, it is clear the election was unexpectedly tighter\u2014and better for Democrats\u2014than most observers expected. While a handful of House races remain undecided, our current view is while Republicans will take control of the House, they will have a very narrow majority in the single digits. Relative to expectations, House […]<\/p>\n","protected":false},"author":2,"featured_media":6755,"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-6730","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\/6730","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=6730"}],"version-history":[{"count":6,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/6730\/revisions"}],"predecessor-version":[{"id":6757,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/6730\/revisions\/6757"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/6755"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}