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Democrats’ Reconciliation Package Passes House, Will Be Signed Into Law

by | Aug 16, 2022 | Industry | 0 comments

House Democrats passed the Senate-approved $740 billion reconciliation package, the Inflation Reduction Act, by a 220-207 strictly partisan vote on Aug. 12. Ahead of the House vote, ABC issued a key vote against House passage, highlighting a critical change from the Senate process—a Democrat-approved amendment, offered by Sen. Mark Warner, D-Va., that would extend limits on pass-through business losses that can be used to reduce other taxable income. This $52 billion tax increase on pass-through businesses is particularly harmful while the economy is struggling and an increasing number of businesses are suffering losses.

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