Just when you were officially tired of saying the letter P three times, the B to the 4th bill passed the House this morning on a largely party line vote of 220 – 213. It now heads to the Senate, where it will undoubtedly face opposition and major changes. If the Senate passes some version of it, the bill would then need to go through reconciliation, and need both house’s approval before being sent to the President’s desk for signature.
Once they publish it, I’ll be able to read it. There are literally dozens of sections. From the reports so far, we can summarize the following.
1 – The expanded Child Tax Credit would continue for another year
2 – The expanded Earned Income Credit is also continued for another year
3 – The $10,000 limit on State and Local Taxes would increase to $80,000
4 – It creates a 15% minimum income tax on large corporations and a 1% surtax on stock buybacks
5 – There’s a new surtax on multi-millionaires and billionaires
6 – Wait for it. That’s right. It gives billions to the IRS to hire more agents and increase enforcement activities. Joy of all joys. More audits with twenty-four-year-old trainees.
The CBO estimate on cost stated that it would add $160B to the national debt over the next 10 years.
Again, none of this has been signed into law. I’m sure I’ll be writing about the individual provisions of this bill for the foreseeable future.
Let me leave you with this.
Yesterday we passed a milestone that no one is reporting. Chicago’s seven day rolling average on new C-19 cases officially went past 500 to 511. At the height of the initial Delta surge, the highest number recorded was 524.
Cook County is now sitting at 1,387. It’s highest number recorded at the height of the surge was 1,314 last August.
Pardon me for playing Grim Reaper, but how much more does anyone think our healthcare system can handle without the politicians doing something about it? And right before the holiday season. So much for actually worrying about supply chain issues.
I’m telling all of you to get ready. Have your plans in place. Put your ducks in a row. Be ready for any contingency.
They might only do a partial shutdown for unvaccinated people. They might send out an executive order saying that the only way to get into a restaurant, a nightclub, or any other place of public gathering, would require presenting a vaccination card.
Or they might just go through the steps leading to a full shutdown, the way they did last time. Only whatever God you pray to, would be able to tell us.
Either way, be ready. Winter is coming.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Employee Retention Credits, PPP Loan Forgiveness, Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
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