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Danger Lurks in Debt Reduction Battle
In the debt ceiling struggle between the Republican-led House and the Biden Administration I never figured higher taxes as a likely result.
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But beware, danger lurks.
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In speaking with my good friend, and Capitol Hill expert, Russ Sullivan, a partner at the Washington DC law firm Brownstein, legislative tricks run amuck is now clearer to me.
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Sure, most pundits say taxpayers can rest easy with Republicans in the majority. With conservatives at the House helm how can Washington possibly raise taxes on successful individuals and family businesses?
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Russ provided me with a few good reasons to be worried, very worried.
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The first is straightforward: Who needs the House? It seems The Department of Treasury can pull a rabbit out of its hat, if it likes, by simply writing new tax laws through revised regulations.
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As Russ warns, a negotiated compromise on the debt ceiling deal might require a down-payment on deficit reduction.
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This payment will come from, wait for it, successful individuals and family businesses.
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Then there are issues like spending “offsets.” Let’s not forget IRS investigations into successful individuals, too, which likely will get intense press coverage...(continue reading)
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Pat Soldano is president of Family Enterprise USA and Policy and Taxation Group. Both organizations are fighting for families and family businesses by reducing or eliminating unnecessary taxes and government regulation.
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About Policy and Taxation Group
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. We work with Congress in Washington DC against 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 the possible elimination of Step up in Basis.
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