Tax Warrior Chronicles

Biden Tax Proposals & Highlights from the Green Book:  Retroactive Capital Gains Tax Increase and the Repeal of the Step-up in Basis, Among Others

Posted on Fri, Jun 11, 2021

With Democrats needing to convince 10 Republicans to cross the aisle to enact a tax proposal in the Senate, President Biden’s tax proposals are most likely to move into, and take shape within, the budget reconciliation process where a simple majority of 51 votes are needed. In a practice not seen since 2016, on May 28, 2021, the Biden Administration reviewed and issued an accompaniment to the Administration’s Budget, referred to as the Green Book, that offers general explanations of the revenue proposals. The Green Book contained more detail, insight, and a couple of surprise changes to proposals in The American Jobs Plan and the American Families Plan, which President Biden released

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