Tax Policy Update
Join other hard-working American taxpayers in asking Congress to stop the estate tax from killing jobs and family-owned businesses.
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 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.
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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 energy and tax components of the reconciliation bill.

Friday’s vote concluded Democrats’ 18-month quest to pass a major tax and spending package through the budget reconciliation process. President Joe Biden is expected to sign the bill into law within the next couple of weeks. With the bill passed, the House rejoined the Senate on recess. Congress is scheduled to remain out of session through Labor Day as lawmakers hit the campaign trail ahead of the midterms.

Our thanks to Brownstein Hyatt Farber Schreck for this report. Read more and the summaries.

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Pat Soldano
President; Family Enterprise USA
pmsoldano@family-enterpriseusa.com
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About Family Enterprise USA
Family Enterprise USA 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.

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