Louis Vlahos, of Rivkin Radler LLP, has made available for download his article, “Attention Congress: Focus On the Estate Tax Regime; Leave the Income Tax Alone”, published in JDSUPRA. The abstract is as follows:
The White House last week released the President’s Budget for the Fiscal Year 2023.[ii] The Budget is ambitious, but its “investments,” we are told, “are more than paid for with tax reforms focused on making sure the rich and the largest corporations pay their fair share.” Sounds familiar, doesn’t it?
Of course, the Administration made this same pitch last year, but to no avail. In the fall of 2021, Senators Manchin and Sinema[iii] eviscerated the President’s tax plan, which constituted an integral part of the much-touted Build Back Better program, thereby denying the Democrats the opportunity to pass their tax and social spending agenda using the Senate’s reconciliation process.
Four months and one budget later, the Administration has reintroduced many of the same tax provisions that were rejected once before; other proposals reflect differing degrees of variation from their 2022 Budget versions.
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal