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Government Funding Bills Stall in House and Senate: The odds of a government shutdown gradually increased over the course of this week. In the Senate, consideration of the first appropriations minibus was delayed after Sen. Ron Johnson (R-WI) objected to a procedural vote that would have allowed for swift consideration of amendments. The three-bill package includes the fiscal year (FY) 2024 funding measures for Military Construction, Veterans Affairs, and Related Agencies; Transportation, Housing and Urban Development, and Related Agencies; and Agriculture, Rural Development, Food and Drug Administration, and Related Agencies. Sen. Johnson was joined by several Senate Republicans in requesting that the bills be separated for floor consideration; Senate Appropriations Vice Chair Susan Collins (R-ME) criticized the group for slowing the approval process. Appropriations activity in the House also stalled this week.
The conservative Freedom Caucus derailed consideration of the FY 2024 defense appropriations bill in the House, forcing Speaker Kevin McCarthy (R-CA) to pull the bill from the floor amid a standoff over topline funding levels and other polarizing issues. Speaker McCarthy was similarly forced to pull a separate appropriations bill off the floor before the August recess, indicating the two sides are no closer to compromise than before the break. Existing levels of government funding expire on Sept. 30, but House Freedom Caucus Chair Scott Perry (R-PA) maintains that there is ample time to work out a deal. The Freedom Caucus is publicly opposed to enacting a short-term continuing resolution (CR) to stave off a shutdown, instead holding out for a... (Would you like to know more?)
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Health Care
White House Cancer Moonshot Announces New Commitments to End Cancer: On Wednesday, Sept. 13, the White House announced new actions that federal agencies are taking to advance the White House Cancer Moonshot and commitments from non-governmental organizations (NGOs) and the private sector to advance the Biden administration’s goal of reducing the cancer death rate by half over the next 25 years. One notable plan includes $240 million for the Advanced Research Projects Agency for Health (ARPA-H) to fund efforts to develop new tools to detect cancer early, produce innovative approaches to visualize cancer cells during surgery, pursue new treatment approaches and design devices that could deliver treatments directly to cancer cells. Additionally, the announcement included a new “biomedical data fabric toolbox” to pioneer prototype technologies capable of searching cancer datasets for disease detection, prevention and treatment. Other initiatives include... (Would you like additional information?)
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Tax
Year-End Tax Package: Lawmakers on both sides of the aisle have been working toward a tax deal for over a year. With key provisions of the Tax Cuts and Jobs Act of 2017 either having expired or soon expiring, lawmakers are eager to strike a deal. However, a potential package hinges on whether Democrats and Republicans can agree to an extension and expansion of the child tax credit (CTC) to balance the extension of several business-related provisions, with a focus on... (Are you interested in learning more?)
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Immigation
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Lawmakers File Amendments as House Rules Begins Reviewing HAC-HS Appropriations Bill: In the coming days, the House Rules Committee is expected to consider, assess amendments and set floor debate rules for the FY24 Homeland Security appropriations bill (H.R.4367). The bill itself includes several Republican priorities, including funding for a southern border wall and increased money toward border security operations. Specifically, the package allocates $2.1 billion toward the border wall, $276 billion for border technology, and $305 million for nonintrusive inspections by border officials. The measure also funds the employment of 22,000 border patrol agents while providing no funding to programs that facilitate migrant services performed by NGOs, such as the Emergency Food and Shelter Program (EFSP) and the Shelter Services Program (SSP). It also bars funds being used to dismantle existing border barriers or from being used to transport illegal... (Would you like further details?)
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Upcoming Events
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September 20: Annual Meeting, Roundtable Discussion, Washington, DC
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September 27-29: Family Business Legacy & Wealth Conference Family Business Magazine, Dallas, TX
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October 11: California Family Business Association( FBA-CA), Orange County, CA
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October 12: South Dakota Trust webinar, Virtual
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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The need for fact-based reporting of issues important to family offices and successful individuals and protecting a lifetime of savings has never been greater. Now more than ever, family offices and successful individuals are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to family offices and successful individuals, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
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Policy and Taxation Group is the Voice for Family Offices and Successful Individuals in Washington, DC focused exclusively on the critical tax and economic policies that impact them. Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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