Max P. Biedermann and Carlyn S. McCaffrey, of McDermott, Will & Emery, have made available for download their article “Tax Reform: What’s In and What’s Out (For Now)”. The abstract is as follows:
After more than two months of negotiations in the US Congress, a slimmed-down version of the “Build Back Better Act” narrowly passed the US House of Representatives on November 19, 2021. All but one House Democrat voted for the measure, which united Republicans in opposition. Compared to the initial set of proposed revenue raisers that was released by the House Ways and Means Committee on September 13, 2021, the revenue-raising provisions in the legislation that passed the House are more modest in scope and result in only a few changes to the way individual taxpayers and family wealth are taxed. The summary below describes provisions in the House-passed bill that are most likely to affect individual taxpayers and also discusses portions of the original proposal that were cut from the legislation that passed the House. The US Senate is expected to make changes in order to capture the votes needed for passage.
To see the full article, click: “Tax Reform: What’s In and What’s Out (For Now)”
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal