Incoming House Democrats Win First Tax Battle

Incoming House Democrats Win First Tax Battle

Incoming House Democrats Win First Tax Battle

The calendar year has not yet changed, which means newly elected members of the House and Senate have yet to officially take their seats in the Nation’s Capitol. However, House democrats are already busy making changes in preparation for the new year. 

And one of their top priorities is raising taxes. Newly elected democrats are taking aim at the tax Cut and Jobs Act. And they’ve taken a big first step in their goal to raise taxes, especially on the wealthy.  

The Washington Post reported that the incoming chairman of the House Rules Committee, Rep. Jim McGovern (D., Mass.), confirmed last week that he would not honor the three-fifths super majority requirement to raise income taxes. 

That decision will overturn the previous rule put in place by the outgoing Speaker of the House, Paul Ryan (R., Wis.). That rule made it impossible to raise income tax without a three-fifths majority approval. 

The change could make it easier for House democrats to pass new proposals ultimately designed to raise taxes on the wealthy. The decision comes after pressure from newer, more progressive democrats, who want to create more revenue to fund things like universal health care and free college tuition. 

Republicans were quick to attack the announcement, saying democrats could use the change to raise taxes on the middle class.

We hope you found this article about “Incoming House Democrats Win First Tax Battle” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe to our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in
SELECTING A GOOD TRUSTEE – FACTORS TO CONSIDER WHEN CHOOSING A TRUSTEE

Selecting a Good Trustee – Factors to Consider When Choosing a Trustee

Selecting a Good Trustee – Factors to Consider When Choosing a Trustee By Rocco Beatrice WHAT TO LOOK FOR IN A TRUSTEE When selecting a Trustee the most important qualities of a trustee are honesty, stability, dependability, organization, financial experience, and ability to devote time and energy on an impartial basis for the benefit of…

Tax Strategies Under Obama Tax Plan

Tax Strategies Under Obama Tax Plan

Tax Strategies Under Obama Tax Plan Everyone is aware that President-elect Barack Obama has stated his case clearly that there will be a major tax bill for 2009. As our experience shows, a first-term tax law will probably not see passage by both houses until as late as July; however, it is more than likely…

taxable Gift Tax: Tips from the IRS

Gift Tax: Tips from the IRS

Gift Tax: Tips from the IRS Taxpayers who have given gifts exceeding $11,000 in value to a single individual must report the total gift amount to the Internal Revenue Service (IRS). The giver may owe taxes on the gifts. The recipient, however, does not have to report or pay taxes on the value of the…

The secondary market may impact 409A valuations

Secondary Market May Impact 409A Valuations

Secondary Market May Impact 409A Valuations An issue gaining attention with respect to 409A valuations is the fact that many private company shares are increasingly being traded in the secondary market. There is a debate among valuation specialists over how transactions in private company stock impact the value of the company securities for 409A purposes.…