Amy Heller, Victor Hollender, Shalom Huber, Andrew O’Gwynn, Regina Olshan, Paul Schockett, Eric Sensenbrenner, and Moshe Spinowitz, of Skadden, Arps, Slate, Meagher & Flom LLP, have made available for download their article, “A Closer Look at Biden’s Tax Proposals,” published in JDSUPRA. The article, co-authored by Law Clerk Cameron Williamson, contains the following abstract:
Former Vice President Joseph Biden has proposed a number of fundamental changes to the tax code over the course of his campaign. If he is elected president and if the Democrats keep control of the House of Representatives and take over the Senate, a number of these provisions are likely to be enacted. In addition to significantly increasing taxes on individuals with income over $400,000, corporate tax rates are likely to increase, an already intricate international tax regime is likely to become more complex and a number of other specific industry-focused provisions are expected to have wide sweeping consequences on taxpayer behavior. Below, we provide a brief description of each of Mr. Biden’s tax-related proposals along with a few observations.
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.