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, 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.
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…
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.
I Will be Better in 2023
Why I will be better in 2023 than I was in 2022. Every year, millions of New Year’s resolutions are made on January 1st, and like mine, many of them never make it past the 31st. But this year I want to be better: better at setting goals and better at reaching them. I made this resolution in…
The Amazing Visionary Mind behind Cave Financial
The Visionary Mind behind Cave Financial Michael Cave started Cave Financial over 20 years ago with the vision of providing families and businesses with assistance in creating, protecting, and preserving their wealth. After completing his education in accounting at Ball Corp, Michael gained experience working for various companies, such as Boeing Co. and Harley Davidson.…
Good Financial Planning Let’s You Live Your Lifestyle with Michael Cave, Managing Director of Cave Financial
Michael Cave, Managing Director of Cave Financial discusses how good financial planning can let you Live Your preferred lifestyle with Alan Olsen. Transcript (software generated): Alan Olsen Michael, for the listeners here. Can you give us your background and how you got to the point you are today? Michael Cave Yeah, well, I guess like…
Derek Lobo’s Brilliant “Self Funding House”: The Dream has Not Passed You By
Introducing Derek Lobo, author of Self Funding House Derek Lobo, CEO & Broker of Record of SVN Rock Advisors Inc., is a recognized housing expert in Canada’s expensive and highly competitive housing markets. As Derek puts it, the affordability gap between home ownership and renting has become a full-fledged crisis. Current interest rates are not…