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Wealth Transfer Under the Biden Tax Plan
by Andy Friedman, Jeff Bush of The Washington Update, 6/22/21

President Joe Biden is proposing to eliminate “stepped-up basis” on property transferred at death.

The Filibuster and the 2021 Legislative Agenda
by Andy Friedman, Jeff Bush of The Washington Update, 1/28/21

A majority of the Senate (including two Democrats) has agreed to forego efforts to eliminate the filibuster during the Congressional term ending December 2022.

Electoral College Math
by Andy Friedman of The Washington Update, 9/8/20

As the party conventions conclude and the general election campaign begins, the national polls lean toward Democrat Joe Biden. But presidents are determined by the Electoral College, not by popular vote.

Political Effects of the Coronavirus
by Andy Friedman of The Washington Update, 3/2/20

If the virus in fact becomes a national crisis, it might have a bearing on how a segment of voters decides whether to support the President in any of three ways...

Updated Tax Guidance for Small Business Owners
by Andy Friedman of The Washington Update, 4/25/19

Our 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.

One Deadline Down, but Another Remains
by Andy Friedman of The Washington Update, 2/19/19

Since the beginning of 2018, the government funding imbroglio has consumed Washington. With a second government shutdown looming, the two parties finally compromised on legislation funding the government through September, an eon away by congressional standards.

2019 Washington Outlook
by Andy Friedman of The Washington Update, 1/17/19

The new year begins as the prior year ended – with the federal government shut down and no compromise in sight. Of course, the government will reopen at some point, likely when the average American gets tired of dealing with the lack of government services.

SEC Broker Conduct Rules
by Andy Friedman of The Washington Update, 5/7/18

Last week, the SEC issued proposed rules governing broker-dealer and investment advisor conduct. The rules serve as a counterpoint to the fiduciary rules issued by the Department of Labor.

Market Reaction to a Government Shutdown
by Andy Friedman of The Washington Update, 4/6/17

In our update last month, we noted that the federal government could shut down on April 29 for lack of Congressional funding, a development that might have market consequences.

Will Trump Budget Lead to a Government Shutdown?
by Andy Friedman of The Washington Update, 3/17/17

Earlier this week, President Trump issued a proposed government budget for FY2018 calling for the largest reduction in domestic program spending since the aftermath of World War II.

ACA Replacement and Market Reaction
by Andy Friedman of The Washington Update, 3/8/17

Earlier this week, the Republicans issued their plan to replace the Affordable Care Act (Obamacare). As the Republican plan became public, I joined the CNBC Nightly Business Report to discuss the plan and how the markets are likely to react.

Preparing for Lower Tax
by Andy Friedman of The Washington Update, 11/30/16

President-elect Trump and the Republican-led Congress have said that one of their top priorities is the passage of tax reform in 2017.

Election Day and the Markets
by Andy Friedman of The Washington Update, 10/20/16

A number of weeks ago – before the release of the Access Hollywood tape that threw Donald Trump’s campaign into turmoil – we predicted that Hillary Clinton would win the presidential election.

Election Prediction
by Andy Friedman of The Washington Update, 10/6/16

With five weeks to go, we believe that Hillary Clinton will win the presidential election. Clinton will carry the Democrats to a Senate majority, but her administration will face a Republican House.

Government Funding Deadline Approaches amid Election Turmoil
by Andy Friedman of The Washington Update, 8/30/16
As the election rhetoric rages on, Congress returns from its summer recess facing a pre-election deadline. Funding authorization for the federal government expires on September 30. Thus, Congress must pass legislation to fund the government by that date to avoid a shutdown on October 1.

Final DOL Fiduciary Rule
by Andy Friedman of The Washington Update, 4/13/16
Last week, the Department of Labor issued much-anticipated final rules that impose a fiduciary duty on financial advisors to the extent they recommend investments for their clients’ IRA accounts. These final rules represent a significant improvement over the proposed rules DOL issued last year, although some fundamental concerns remain to be worked out.

Government Funding and Tax Extenders Legislation Affects Investors
by Andy Friedman of The Washington Update, 12/17/15
After weeks of negotiations, Congress reached agreement on a bipartisan bill to fund the government through September 2016. Following are provisions of particular interest to investors.

Government Funding Deadline
by Andy Friedman of The Washington Update, 12/11/15
Congress has agreed to fund the government for another five days – through December 16 - to give it time to work out longer term appropriations legislation. The sides are furiously negotiating that appropriations bill, but progress has been slow. The sticking points mostly involve what policy “riders” should be attached to the final legislation. Most of these riders are not directly related to government funding.

Another Government Shutdown?
by Andy Friedman of The Washington Update, 9/3/15
Congress returns from recess next week facing a month-end deadline to fund government operations for the next fiscal year. I’m concerned we could be looking at a reprise of 2013.

A Framework for Handicapping the Presidential Candidates
by Andy Friedman of The Washington Update, 8/12/15
Last week, a total of seventeen Republican presidential candidates engaged in the first debates of the nascent presidential campaign. We are not here to pick winners and losers at this very early stage. (We do predict, though, that Donald Trump will be but a memory when the convention rolls around next summer – unless he chooses to run as an Independent, in which case he likely will cost the Republicans the election.) Instead, my colleague Jeff Bush and I want to provide a framework for evaluating the candidates going forward.

Obamacare Upheld Again: Consequences for Business Owners and Investors
by Andy Friedman of The Washington Update, 7/1/15
Last week the Supreme Court ruled that all qualifying Americans are entitled to receive subsidies to purchase health insurance under the Affordable Care Act, regardless of where in the country they live.

Obama tax proposal
by Andy Friedman of The Washington Update, 1/23/15
In conjunction with his State of the Union address, President Obama proposed new taxes on the wealthy to raise $320 billion in revenue, to be spent on new government programs to help the middle class and working families.

A Republican Congress Awaits But First the Lame Duck Session
by Andy Friedman of The Washington Update, 11/6/14
Destiny 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. A new update discusses the dynamics surrounding the election and enumerates the items Congress must address in the lame duck session taking place in December.

Midterm Election Update
by Andy Friedman of The Washington Update, 6/12/14
With many of the state primaries now behind us, Im writing to update my March white paper on the midterm elections.

Obamacare
by Andy Friedman of The Washington Update, 4/8/14
Last Monday marked the deadline for new sign-ups under Obamacare. On Tuesday, I appeared on CNBC to discuss the future of Obamacare and the effect it is likely have on the mid-term elections.

Congress Raises the Debt Limit: Is This the End of the Budget Battles?
by Andy Friedman of The Washington Update, 2/18/14
Last week Congress - faced with an impending snow storm and a desire to get home for the Presidents Day holiday - hastily 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.

A Budget Compromise is Reached, But Unresolved Issues Remain
by Andy Friedman of The Washington Update, 12/12/13
The agreement reached last October to raise the nations debt ceiling established a bipartisan committee to negotiate a budget to run the federal government in 2014 and 2015. The committees primary focus was to replace the next round of across-the-board "sequestration" cuts, which otherwise would significantly reduce spending on defense and domestic programs during those years.

A Last Minute Deal Averts Default - For Awhile
by Andy Friedman of The Washington Update, 10/21/13
With the deadline for the United States to avoid defaulting on its debt fast approaching, Congress reached another late night compromise to reopen the government and raise the nations debt limit. The deal also called for yet another bipartisan committee to try to set a budget for future government spending. Before discussing what that committee is likely to do, lets compare the predictions Ive been making since early this year against the reality of what ultimately occurred.

The Federal Government Shuts Down: Now What Happens?
by Andy Friedman of The Washington Update, 10/1/13
Washington insanity reached new heights yesterday as Congress failed to agree on an appropriations bill to keep the federal government running, even though it had known the September 30 deadline for over six months. This inaction brings Washington dysfunction to a new high (or low). Up until now, Congress had arrived at each fiscal precipice and averted catastrophe with a compromise. Now, finally, Congress has gone over the edge.

Congress Returns from Recess to Face Fiscal Deadlines
by Andy Friedman of The Washington Update, 9/5/13
Congress returns from its August recess facing two imminent deadlines.First, Congress has appropriated funds to keep the federal government operating only through September 30, 2013.If Congress does not appropriate additional funds during September, on October 1 the federal government will shut down.House Speaker Boehner has said he will propose short term stop gap legislation without conditions that would fund the federal government for a few more months at 2013 levels.If Congress adopts such a resolution, the funding deadline will be pushed later into 2013.

The President's Proposed Future Tax Changes and Some Questions About Past Ones
by Andy Friedman of The Washington Update, 5/20/13
The United States government has once again hit its borrowing limit. The government is permitted to borrow through May 18, after which it can continue to operate without additional borrowing for about three months. By fall, Congress will have to raise the debt limit to prevent the United States defaulting on outstanding debt.

Congress Avoids a Government Shutdown; Up Next, the Debt Limit
by Andy Friedman of The Washington Update, 3/25/13
Congress cleared another hurdle last week, passing a bill (a continuing resolution) to keep the federal government operating for six months past its current funding deadline of March 27.

The Sequester Cuts Take Effect: Now What Happens?
by Andy Friedman of The Washington Update, 3/4/13
On March 1, the government spending cuts known as the "sequester" took effect without any action from Congress. Below I discuss what those cuts mean and what is likely to follow as Congress wrestles with additional deadlines. But before we get to the sequester, a number of you have asked for a understandable summary of the elements of the fiscal cliff compromise reached on New Year's Eve.

Fiscal Cliff Compromise
by Andy Friedman of The Washington Update, 1/3/13
Happy New Year. We begin this year as we ended the last approaching another cliff. To start the year off right, I appeared yesterday on CNBC to discuss the ramifications of the fiscal cliff compromise.

Congress Debates the Fiscal Cliff: What Happens to Estate Taxes?
by Andy Friedman of The Washington Update, 11/27/12
The estate and gift tax exemptions are scheduled to fall and the estate tax rate to rise if Congress does not address them during the current lame duck session. This update discusses what is likely to happen this month and next year as Washington develops proposals for tax reform.

The Election Ends and the Lame Duck Begins
by Andy Friedman of The Washington Update, 11/9/12
The election. Billions of dollars spent, thousands of negative advertisements aired, scalding campaign rhetoric, a bitterly polarized electorate -- and we ended up where we started: President Obama in the White House, a Democratic-led Senate, and a Republican-led House of Representatives. Four more years of the same divided government.

Congress Adjourns Until November: Election and Lame Duck Session Update
by Andy Friedman of The Washington Update, 9/27/12
Well over a year ago, I predicted that President Obama has the better chance of recapturing the Independent vote and winning the 2012 presidential election. I continue to hold that view.

The Supreme Court Rules on Health Care Reform: What It Means For Investors
by Andy Friedman of The Washington Update, 7/9/12
The Supreme Court has now upheld the individual mandate, the controversial part of the health care reform law (The Patient Protection and Affordable Care Act) that requires individuals to carry health insurance. At the same time, the Court struck down the requirement that states expand their Medicaid coverage to include more low-income families. These rulings will have significant implications on the countrys fiscal situation.

What is the "Fiscal Cliff"?
by Andy Friedman of The Washington Update, 5/29/12
In recent months, a new phrase has entered the national lexicon, a phrase that is likely to reverberate with increasing intensity in the months ahead. That phrase is fiscal cliff. The fiscal cliff refers to the abrupt slowdown in the economy that could occur in 2013 if taxes rise and government spending falls as currently scheduled. The fiscal cliff has a number of components. Among them are: expiration of the Bush tax cuts, expiration of the payroll tax cut, new health care reform taxes, and spending cuts.

More Q&A -- Dividend-Paying Stock Values, and Viability of the New Health Care Reform Tax
by Andy Friedman of The Washington Update, 5/2/12
How might a increase in the dividend tax rate at year-end affect the values of dividend-paying stocks? In his budget, President Obama changed his position and proposed allowing the dividend tax rate for families with income above $250,000 to rise in 2013 to the ordinary income tax rate. Most members of Congress appear to prefer keeping the dividend tax rate commensurate with the capital gains rate. Thus, if the parties are able to reach an overall compromise on 2013 tax rates during the year-end lame duck session, they might keep the dividend tax rate below the ordinary income rate.

Whither the Deficit Super Committee?
by Andy Friedman of The Washington Update, 10/27/11
Although tax increases are never welcome, there is a silver lining. Expiration of the Bush tax cuts is calculated to raise $3.5 trillion, virtually eliminating budget deficit concerns. A reduction in future deficits likely will prompt S&P to reinstate the countrys AAA rating and China to cease its sword-rattling over the United States fiscal condition. The markets, too, likely will react favorably to the prospect of lower deficits. Thus, while investors may face higher taxes, they also may find the values of their investment holdings enhanced substantially.

Aftermath of a Debacle: Raising the Debt Ceiling
by Andy Friedman of The Washington Update, 8/10/11
The deadlines are not over. When Congress returns after Labor Day, it will have three weeks to settle on a federal budget for 2012. If Congress fails to pass a budget, on October 1 the federal government will shut down. The budget cuts incorporated into the debt ceiling compromise should smooth the way toward a 2012 budget agreement. But it is quite possible that the hard line Republicans -- having avoided Armageddon by agreeing to raise the debt ceiling -- shut down the government for a few weeks this fall to make their point.

The Budget Cut Endgame - Update
by Andy Friedman of The Washington Update, 7/19/11
Although President Obama and Speaker Boehner tried to craft a grand plan to address entitlements and taxes, that plan was rejected by hard-liners in the Republican Party who refused to raise taxes (and it received only reluctant support from rank-and-file Democrats who did not wish to trim retirement benefits). The parties will agree on a mechanism to raise the debt limit before the August 2 default date, but that action will be accompanied by only modest spending cuts (perhaps $150B a year for ten years) that do not meaningfully address long-term deficit reduction.

The Federal Debt Limit, the Markets, and Taxes
by Andy Friedman of The Washington Update, 6/7/11
Yesterday I appeared on CNBC Squawk Box to discuss the ongoing debate about raising the government borrowing limit. I made three points: 1. Congress is likely to enact meaningful deficit reduction legislation only upon the occurrence of an external "forcing event", such as the rating agencies downgrading U.S. debt or China slowing purchases due to concern about our fiscal situation.2. Government stimulus and QE2 contributed to the market run-up over the past few years. But this month -- for the first time in almost three years -- the economy must stand on its own, without any stimulus help
44 results found.