The Biden budget summaries were released and as expected the President continues to push more harmful tax increases.
TIA stood up strongly against a number of proposed tax increases, including the "billionaires' minimum income tax," which Biden has resurrected along with proposals to tax unrealized gains, hike income tax rates, and target the “wealthy,” aka successful small businesses.
Many of you helped us push back against these policies over the past two years.
Biden’s push to increase taxes on the wealthy will be a centerpiece of his campaign for re-election.
The White House is confident they can make the case to voters that substantial tax increases are needed to deal with the increasing national debt and sinking entitlement programs.
This makes TIA’s role even more important looking toward 2024, when the estate tax and many other tax issues affecting family businesses will be on the ballot.
TIA is working with our lead death tax repeal sponsor (and now House Ways and Means Chairman) Jason Smith and Senate Minority Whip Thune on the reintroduction of the Death Tax Repeal Act, which reached 154 House and 37 Senate cosponsors last Congress.
Stay tuned for more updates from TIA as Congress gets moving this year.
On Friday, Feb. 24, 2023, Federal Highway Administration (FHWA) Administrator Shailen Bhatt released an updated policy memo on how states should prioritize funding from the Bipartisan Infrastructure Investment and Jobs Act (IIJA).
As you know, on Dec. 16, 2021, Acting FHWA Deputy Administrator Stephanie Pollack issued guidance encouraging states to prioritize maintaining current capacity with their discretionary IIJA funds.
In his updated memo, Administrator Bhatt stressed the importance of maintaining roads in a state of good repair, but he highlighted that states should determine which projects they want to finance with their federal-aid highway formula dollars.
TIA is thrilled that Administrator Bhatt, since his confirmation, has acted quickly to update his policy memo.
TIA has advocated for state flexibility with federal-aid formula funds since Deputy Administrator Pollack originally introduced the “fix it first” memo.
Most recently, TIA joined a group of transportation industry stakeholders in sending a letter to Administrator Bhatt urging him to rescind the Dec. 16 memo.
Additionally, TIA discussed the strategy of using the Congressional Review Act on the memo with staff for Senate Environment and Public Works Committee Ranking Member Shelley Moore Capito (R-WV) and House Transportation and Infrastructure Committee Chairman Sam Graves (R-MO).
With the decision to rescind the December 16 memo, TIA believes there is a great opportunity for the FHWA and Congress to move forward on remaining key priorities from the IIJA.
As such, TIA was thrilled to see Administrator Bhatt highlight the need for the FHWA to move forward with implementing “One Federal Decision”; this policy will help streamline the approval process for new projects, building them faster and at a lower cost.
You may view the updated memo released by Administrator Bhatt by clicking here.
The Internal Revenue Service updated frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third-Party Network Transactions, in Fact Sheet FS-2023-06.
?The updates are:
1. General section: Question 3 is updated
2. Individuals section: Questions 6 and 7 added
3. Filing Form 1099-K section: Question 5 updated
More information about reliance is available.