KPMG has released a report on the latest House Ways and Means Committee tax proposals. The summary is as follows:
House Ways and Means Committee Chairman Richard E. Neal (D-MA) released legislative tax proposals on Friday, September 10. Retirement tax savings proposals also were approved by the Ways and Means Committee on September 9, 2021. KPMG LLP has prepared a report on these proposals.
These proposals are part of a larger legislative effort by the Ways and Means Committee to contribute to the Build Back Better Act moving through the House. This report does not include the tax increase proposals released by the Chairman on Monday, September 13, which will be addressed in a later KPMG summary and analysis.
The proposals summarized in this report are primarily tax incentives and tax benefits for various taxpayers. Those incentives and benefits relate to green energy investment, housing, infrastructure, and various social programs.
The Ways and Means Committee is scheduled to begin mark up of tax proposals today, September 14, with that consideration continuing tomorrow. The expectation is that the markup will begin with many of these tax incentives and benefits with the bulk of the tax increase proposals to be considered in Committee tomorrow. The current schedule anticipates that the Ways and Means Committee will conclude its markup of all portions of the Build Back Better Act under its jurisdiction by the end of the day of September 15, 2021.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.