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.
Our thanks to Brownstein Hyatt Farber Schreck for this report. Read more and the summaries.
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 supporter.
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 Policy and Taxation Group 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. Those issues include Step Up in Basis, gift tax, Valuation Discounts, Capital Gains Tax, Income Tax Rates, Wealth Tax, & Estate Tax (death tax).
Policy and Taxation Group is the leading information, education and advocacy organization working for the reduction and ultimate elimination of estate, gift, and generation skipping transfer taxes, and other taxes that punish hard work and success. Our Mission is to challenge hostile tax policies that meaningfully and measurably impact families and limit the ability of family businesses to remain family owned. Those policies include Step Up in Basis, gift tax, Valuation Discounts, Capital Gains Tax, Income Tax Rates, Wealth Tax, & Estate Tax (death tax).
@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