A key piece of legislation that will cut taxes for Americans but add to US government debt despite spending reductions, has taken a step forward.
In a rare Sunday evening meeting, the House Budget Committee gave the green light to progress President Trump’s massive tax and spending package following discussions over the weekend.
Having failed Friday after disagreement over cuts to Medicaid, the four GOP hardliners who had aligned with the Democrats to reject the proposed legislation abstained in the Sunday vote, enabling a move to the next stage.
"We've made progress this weekend ... but we didn't get nearly far enough," said Representative Chip Roy who was one of those who abstained and among the hardliners who want larger cuts to Medicaid benefits and a faster end to clean energy tax breaks.
A vote in the House of Representatives could be incoming this week, but debate and discussions will continue in the meantime.
“They will continue on into the week, and I suspect, right up until the time we put this big, beautiful bill before the House," House Budget Chairman Jodey Arrington said, as reported by USA Today.
Passing the legislation will make Trump’s 2017 tax cuts permanent and also end taxation of tips and overtime pay, which were key promises of the president’s election campaign. But there could be significant friction with some Republican moderates wanting a substantial increase to the state and local tax (SALT) deduction.
According to nonpartisan analysts, the cost of implementing the proposed legislation is between $3 trillion and $5 trillion over the next decade, adding to the already eyewatering $36 trillion in government debt.
The Illinois order refers to Brandon Ellington’s investment program as a “Ponzi-like scheme.”
But the Amazon executive chair seems to want it both ways, arguing that taxing the ultra-wealthy won't help struggling Americans.
Northern Trust planning leader sees the bill extending qualified charitable distributions to employer plans as a potential positive step — but advisors shouldn't overlook bigger holes in the strategy.
Markets will always create reasons for investors to worry. The advisor’s role is not to predict uncertainty, but to help clients understand why volatility should not derail a well-built financial plan.
Plus, Asset-Map partners with Contio to elevate the advisor meeting experience, and MyVest claims an innovation in portfolio management with separately managed models.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
