KPMG has released its analysis of the tax provisions in the latest House version of the Build Back Better Act. The summary is as follows:
The U.S. House of Representatives released new text of proposed tax legislation as part of H.R. 5376, the “Build Back Better Act” (BBBA) legislative effort.
This pending legislation differs in important ways from previous proposals with respect to the BBBA.
The House has not yet voted on the bill, with the vote having been postponed pending estimates of the bill’s spending and revenue effects by the Congressional Budget Office (CBO). However, a vote might take place the week of November 15, 2021.
The pending bill is a somewhat slimmed down version of the “Build Back Better” economic plan proposed by the Biden Administration in April 2021. If passed by the House, the bill would move to the Senate, where further changes would be expected.
KPMG LLP has prepared a report that provides analysis and observations about the tax proposals in the BBBA. Read the KPMG report [PDF 2.4 MB] (210 pages) (November 11, 2021).
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.