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.
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.
We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.
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.
Family Enterprise USA 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.
Family Enterprise USA is a 501(c)(3) non-profit organization. Family foundations can donate.
@FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyBusiness #Business #SmallBiz #EstateTax #Deathtax #CapitalGainsTax #StepUpInBasis #Taxes #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #promotefamilybusinesses #taxLegislation #AdvocatingForFamilyBusinesses #incometax #Generationallyowned #Multigenerationalbusiness #taxes #taxseason #federaltaxpolicy #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax