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Debt-Ceiling Deal Proposes Adjustment to IRS Funding and More - Pat Soldano

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 Fiscal Responsibility Act (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.

 

The bill would rescind $1.4 billion of the supplemental funding provided to the Internal Revenue Service (IRS) by the Inflation Reduction Act  (IRA). The cut is significantly reduced from Republicans’ initial proposal included in the Limit, Save, Grow (LSG) Act  to repeal $71 billion in IRS funding—nearly 90% of the total IRA allocation. However, in addition to the small statutory clawback, the White House informed lawmakers on Sunday of its “handshake agreement” with House Republicans to redesignate an additional $20 billion of the IRS’s pot of IRA funding for “other non-defense priorities” (more below).

The FRA does not include any tax provisions, despite last-minute requests from the Biden administration to increase federal revenue by eliminating perceived “loopholes” 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.

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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 include 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 gift tax , estate tax and generation skipping tax .


Family Enterprise USA promotes family business and job creation, growth, and sustainability by advocating for family businesses , 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 rates, possible elimination of valuation discounts, increase in capital gains tax , enactment of a wealth tax , and the continued burden of the gift, estate taxes and generation skipping taxes . Family Enterprise USA represents and celebrates all sizes and industries of family businesses and multi-generational employers.

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Family Enterprise USA is the organization that represents all family businesses on a national level in DC; it is not unique to any industry. Family Enterprise USA is different from other organizations because it represents and advocates for the families of family businesses and the issues, they face running their businesses every day. Our sole mission and purpose is to promote family businesses and their job growth in America. We also support the work of Family Business Centers across the country. We hope your family will choose to be a member of Family Enterprise USA.