{"id":8188,"date":"2023-05-31T12:40:41","date_gmt":"2023-05-31T19:40:41","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=8188"},"modified":"2023-05-31T12:40:48","modified_gmt":"2023-05-31T19:40:48","slug":"debt-ceiling-deal-proposes-adjustment-to-irs-funding-and-more","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/debt-ceiling-deal-proposes-adjustment-to-irs-funding-and-more\/","title":{"rendered":"Debt-Ceiling Deal Proposes Adjustment to IRS Funding and More"},"content":{"rendered":"

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On Saturday, May 27, House Speaker Kevin McCarthy (R-CA) and President Joe Biden reached an agreement to suspend the debt ceiling until January 2025 in conjunction with new spending reforms intended to reduce the federal deficit.<\/h2>\n

 <\/p>\n

Text of the 99-page bill, called the\u00a0Fiscal Responsibility Act<\/a> (FRA), was released the following day, beginning the countdown imposed by a House rule that requires legislation to be made available to lawmakers for at least 72 hours before it can be considered on the floor.<\/h3>\n

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The bill would rescind $1.4 billion of the supplemental funding provided to the Internal Revenue Service (IRS) by the\u00a0Inflation Reduction Act<\/a>\u00a0(IRA). The cut is significantly reduced from Republicans\u2019 initial proposal included in the\u00a0Limit, Save, Grow (LSG) Act<\/a>\u00a0to repeal $71 billion in IRS funding\u2014nearly 90% of the total IRA allocation. However, in addition to the small statutory clawback, the White House informed lawmakers on Sunday of its \u201chandshake agreement\u201d with House Republicans to redesignate an additional $20 billion of the IRS\u2019s pot of IRA funding for \u201cother non-defense priorities\u201d (more below).<\/p>\n

The FRA does not include any tax provisions, despite last-minute requests from the Biden administration to increase federal revenue by eliminating perceived \u201cloopholes\u201d and tax subsidies used by the fossil-fuel industry. Notably, none of the proposals included in the LSG Act to repeal most of the IRA green-energy tax incentives were embraced in the final FRA agreement.<\/p>\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<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, multi generational businesses<\/a> and family businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to generationally-owned family businesses<\/a> 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 include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n

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Family Enterprise USA<\/a> promotes family business and job creation, growth, and sustainability by advocating for family businesses<\/a>, their lifetime of savings, and the issues they face running their businesses every day. Some of the issues we fight for or against with Congress in Washington DC are high Income tax<\/a> rates, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift, estate taxes<\/a> and generation skipping taxes<\/a>. Family Enterprise USA represents and celebrates all sizes and industries of family businesses<\/a> and multi-generational<\/a> employers.<\/p>\n

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

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#incometax #taxseason #federaltaxpolicy #taxation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #CapitalGainsTax #incometaxrates #incometaxseason #taxrefund #taxreturn #incometaxreturn #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #FamilyBusiness #promotefamilybusinesses #familyowned #supportlocalbusiness #womeninbusiness #AdvocatingForFamilyBusinesses #Generationallyowned #Multigenerationalbusiness\u00a0 @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/p>\n

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On Saturday, May 27, House Speaker Kevin McCarthy (R-CA) and President Joe Biden reached an agreement to suspend the debt ceiling until January 2025 in conjunction with new spending reforms intended to reduce the federal deficit.   Text of the 99-page bill, called the\u00a0Fiscal Responsibility Act (FRA), was released the following day, beginning the countdown […]<\/p>\n","protected":false},"author":2,"featured_media":8190,"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":[43,78,76,36],"tags":[],"class_list":["post-8188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-taxes","category-in-the-news","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/8188","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=8188"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/8188\/revisions"}],"predecessor-version":[{"id":8193,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/8188\/revisions\/8193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/8190"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}