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If you have any questions or concerns, please use the contact information provided in this email as this inbox is not monitored for replies.
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Legislative Lowdown
Census Poverty Report Renews Democratic Push for Child Tax Credit Expansion. The fight for a year-end tax deal may have just gotten a boost. On Sept. 12, the U.S. Census Bureau released three new reports including the Official Poverty Measure (OPM) and the Supplemental Poverty Measure (SPM) for 2022. The OPM is a measure of the country’s poverty rate based on cash resources, while the SPM includes cash and noncash resources and subtracts necessary expenses, like tax payments, and takes geographic variations into account. The report found an overall SPM of 12.4% in 2022, up from 2021’s SPM of 7.8%. Furthermore, the SPM for children more than doubled, from 5.2% in 2021 to 12.4% in 2022.
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Left-leaning tax policy groups quickly pointed out a correlation between the expiration of expanded tax credits for families that were passed as part of the American Rescue Plan Act (ARPA, Pub. L. 117-2) and the 138% rise in the SPM child poverty rate. ARPA significantly increased and expanded eligibility of the Child Tax Credit (CTC) and the Child and Dependent Care Credit for Tax Year...(Explore more details now!)
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Finance Committee Unanimously Approves Taiwan Tax Bill. On Sept. 14, the Senate Finance Committee approved the United States-Taiwan Expedited Double-Tax Relief Act by a unanimous 27-0 vote. The bill would provide substantial benefits to residents of Taiwan similar to those included in the 2016 United States Model Income Tax Convention, including reductions on the withholding tax rate for Taiwanese residents on U.S. source income and raising the threshold on income of Taiwanese residents and dual-resident individuals (Taiwan and the United States) subject to U.S. taxation. Senate Finance Committee Chair Ron Wyden (D-OR) stated...(Click to learn more!)
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IRS Announces Moratorium on Employee Retention Tax Credit Claims Processing. On Sept. 14, the IRS announced that it is temporarily halting the processing of Employee Retention Tax Credit (ERTC) claims, citing rampant abuse of the credit and attempted fraud by third-party organizations maliciously assisting employers in claiming the credit. The moratorium will last until at least the end of the year. The ERTC was created by the CARES Act (Pub. L. 116-136) and was designed to help businesses retain employees on their payroll during the COVID-19 pandemic. The credit’s eligibility period lasted from the CARES Act’s implementation until the end of 2021, but businesses that did not initially claim the credit on their Tax Year...(Find out more!)
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Foreign Tax Credit Relief Expected to be Extended. Temporary relief from the 2022 foreign tax credit (FTC) regulations is likely to be extended an additional year, according to IRS officials speaking at a Practicing Law Institute conference on Sept. 12. The 2022 regulations substantially revised the long-standing FTC rules, garnering considerable pushback from stakeholders...(Explore additional information now!)
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Ways and Means Member Day Hearing Sees Variety of Bills Promoted. On Sept. 14, the House Ways and Means Committee held a Member Day hearing, which allowed members of Congress to promote specific pieces of legislation before the committee. Among the most common proposals members brought to the committee were bills calling for education and employment reform, including numerous modifications to 529 savings account plans and proposals for unemployment insurance and...(Explore more details now!)
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Upcoming Events
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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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October 17: Whittier Trust Event, Reno, NV
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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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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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Policy and Taxation Group Strategic Partner
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