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.
Apple Gives in to UK Demands, Agrees to Pay Huge Tax Bill
Apple Gives in to UK Demands, Agrees to Pay Huge Tax Bill The ongoing battle between Apple and the UK over unpaid taxes appears to finally be coming to a head. The tech giant announced recently that it has agreed to pay the UK £137 million ($185 million) in extra taxes. Part of the payment…
Best and Worst Tax States for Businesses
Best and Worst Tax States for Businesses Where is the best place to call home? That all depends on the criteria you’re using to judge. So what if you’re looking to start a business or move your business and you want to find a tax-friendly location for your business? It turns out that where you…
Will New Tax Plan Hurt California Home Owners?
Will New Tax Plan Hurt California Home Owners? While it still remains to be seen if the new tax proposal from House republicans ever gets through the Senate and reaches the president, many taxpayers are still concerned about the consequences. One of the largest groups in this category is homeowners in California, not to mention…
Seattle’s High-Earner Tax Facing Opposition in Court
Seattle’s High-Earner Tax Facing Opposition in Court There are only seven states in the U.S. that don’t charge income tax, and Washington State is one of them. However, that all changed earlier this year, for some taxpayers in the state, when lawmakers in Seattle created what amounts to being an income tax on the wealthy.…