Tax Warrior Chronicles

What’s In the Ways & Means Committee Outline of Proposed New Tax Laws

Posted on Fri, Sep 17, 2021

By: Rosalind Sutch, CPA, MT

 

While many tax advisors were busy working to wrap up September 15th deadlines on Monday, House Ways & Means Committee Chairman Richard Neal released 881 pages of proposed legislative text intended to become part of the Build Back Better Act, a budget reconciliation bill forthcoming from Congress. That same day, Ways & Means Committee staff prepared and released an 18-page, section-by-section outline of the potential tax legislation required to cover the Biden administration’s $3.5 trillion spending plan. It’s still early in the legislative process and what will become law is still somewhat of a guessing game. But we are at the stage when we start following

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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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Tonight’s Presidential Debate – Listen for These Tax Topics

Posted on Tue, Sep 29, 2020

With the first presidential debate occurring tonight at 9:00 PM EST, many will watch and listen to the candidates’ plans for the next four years. The fourth of six scheduled 15-minute time segments will be dedicated to the economy. In preparation for this discussion we have prepared a high-level overview of the candidates’ tax proposals, and some important considerations around their potential implications.

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