Jan 29, 2014 1A dynamic and insightful speaker, Jeff Bush is known for his unique ability to decode difficult and confusing tax and fiscal information coming out of Washington. Jeff is a colleague of Andy Friedman and an integral part of The Washington Update, the industry thought leader that guides domestic clients through the complex and ever-changing political […]
Comments Off on The House Considers Impeachment: Where Do We Go From Here?A new potential contributor to market volatility is the recently announced House inquiry into whether there are grounds to bring articles of impeachment against President Trump. This white paper considers the paths the impeachment inquiry might take. It reviews the alleged facts, discusses how the House and Senate deliberations might proceed, and considers how the ancillary consequences of the inquiry, as well as the inquiry itself, could affect the markets.
Comments Off on A Laid-Back Summer in Washington? What to Watch ForSummer is a time to kick back and put the year’s bustle on hold. But summer inactivity doesn’t bode well in Washington when there are deadlines to meet and matters to address. As the summer commences, two percolating issues should hold investors’ attention. This white paper discusses those issues and their likely market effects.
Comments Off on Tax Reform Aftermath: Pass-through Business Tax UpdateOur last tax update, Tax Reform Aftermath: New Guidance for Investors, discussed in part the steps small business owners might take to claim and maximize the 20% deduction afforded by the Tax Cuts and Jobs Act. Since we wrote that paper, the IRS has clarified the application of the provisions that govern these strategies. This white paper explains how owners of businesses organized as pass-through entities should take the new guidance into account in their tax planning.
Comments Off on Scaling Back the Affordable Care ActSince the election of President Trump and the Republican-controlled Congress in 2016, the legislature, the courts, and the administration have taken actions and issued guidance in an effort to curtail the scope of the Affordable Care Act (“ACA”). The actions and guidance have been sporadic, making it difficult to determine their interrelation and import. This white paper describes and explains the confusing array of incentives and payments that the ACA contemplates. It goes on to discuss the effect and interaction of government efforts to reduce these payments and to scale back the scope of the law.
Comments Off on Congress Returns as the Election LoomsCongress returns for its fall session with a number of items on its plate. First up is the usual fall wrangle, funding the government to avoid a shutdown. But other items are new and could have far-reaching effects for investors, including a bipartisan threat to “stretch IRAs”. This white paper considers the risk of a government shutdown, and goes on to review and provide a prognosis for the other items Congress is likely to consider this fall, including “Tax Reform 2.0”.
Comments Off on Tax Reform Accomplished: How Does the Legislation Affect Investors and Businesses?
As 2017 drew to a close, Congress passed the Tax Cuts and Jobs Act, tax reform legislation that made sweeping changes to the Internal Revenue Code. When Congress last reformed the tax code in 1986, the legislative process took over two years. This time Congress accomplished the same feat in two months. This white paper discusses the portions of the Tax Cuts and Jobs Act that are of particular importance to business owners, investors, and financial advisors. We point out situations that are likely to fare better and those likely to fare worse under the legislation. At the end, we present a chart of “winners and losers” that takes into account these individual situations. The chart also shows business and economic sectors particularly likely to be affected by these tax changes, thereby potentially altering their equity valuations.
Comments Off on A Republican Congress Awaits – But First the Lame Duck SessionDestiny became reality in the midterm elections as the Republicans gained a majority of the Senate and widened their lead in the House to historic proportions. The Republicans now must decide the mix of confrontation and collaboration that will define their leadership. Due to variations in beliefs and campaigning strategies, the rank-and-file members of the two chambers might see this ideal mix differently. This update discusses the dynamics surrounding the election and enumerates the items Congress must address in the lame duck session taking place in December.
Comments Off on Congress Raises the Debt Limit: Is This the End of the Budget Battles?Congress has passed legislation permitting the federal government to continue to borrow funds through March 15, 2015. Coupled with the agreement reached last December to fund the government through September 30, 2015, this action eliminates the prospects of additional fiscal showdowns for at least the remainder of 2014. But these battles are likely to return next year.
Comments Off on A Budget Compromise is Reached, But Unresolved Issues RemainCongressional negotiators have reached a modest agreement to fund the federal government for the next two years. The agreement does not, however, raise the nation’s borrowing limit, leaving an important issue unresolved for 2014. This paper describes the compromise and the fiscal issues remaining for Congressional action in 2014.
Comments Off on The Sequester Cuts Take Effect: Now What Happens?Congress has permitted the government spending cuts, known as the sequester, to begin on March 1. But Congress faces other deadlines that could affect the implementation of those cuts. This paper discusses the background of the sequester cuts, their implementation, and how Congress is likely to handle the other approaching deadlines.
Comments Off on Behind the Fiscal Cliff CompromiseThis paper summarizes the elements of the fiscal cliff compromise reached on New Year’s Eve, and discusses how the compromise affects future income tax rates and wealth transfer.
What happens when you are running for president and your presence is needed for a Senate impeachment trial? A trial taking place in the weeks leading up to the early primaries. We're may find out this winter. ow.ly/Tm4S50xfksg
Opportunity zones coming under fire for not benefiting low income or impoverished areas as expected. May cost bipartisan support. mcclatchydc.com/news…
Whether you're a Republican or a Democrat, here's a quick 10 question test to see which Democrat candidate you share the most opinions or positions with. Take it; it's fun! ow.ly/rKo450xemUf
POTUS shows support for Senate bipartisan bill to lower drug costs. Senate bill is vastly different from Dem House bill. Time is running short to pass something. ow.ly/31SR50xemdE Opinion piece on tax code enforcement, a real revenue increaser. ow.ly/RN6o50xemdz