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Join us in asking Congress to stop taking a lifetime of savings
from multi generational businesses.
Lawmakers released the text for the $1.7 trillion fiscal year 2023 omnibus appropriations bill.

The package contains 12 separate appropriations bills providing a total of $772.5 billion in nondefense spending—a $42.5 billion increase in topline funding. House and Senate lawmakers are expected to begin procedural votes on the bill as early as today. Final passage is expected before the Dec. 23 deadline to avoid a government shutdown.
Omnibus Funding Bill Scraps Most Tax Provisions; Includes Retirement Savings Bill
Though lawmakers on both sides of the aisle had expressed support for a broad range of tax objectives, a deal could not be reached on any of these items. These failed objectives include extensions to expiring Tax Cuts and Jobs Act (TCJA) business credits, as well as an expansion of the current Child Tax Credit (CTC). This tax extenders effort reportedly failed earlier this week after House Ways and Means Chair Richard Neal (D-MA) rejected an offer from Ranking Member Kevin Brady (R-TX) that would have extended several TCJA provisions in exchange for an expansion to the Low-Income Housing Tax Credit (LIHTC). Additional tax measures were left out, including the extension of the following pandemic-related proposals: (1) an elective deferral of last in, first out (LIFO) accounting provisions, (2) deferral of cancellation of debt income and (3) deferral of built-in gains income.

To read more about the tax provisions of the omnibus bill, please click.

Stay safe and healthy,
Pat Soldano
President; Policy and Taxation Group
[email protected]
712 H Street NE Suite 1091
Washington DC 20002
(202) 681-8365‬

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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 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.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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