Washington D.C. Senate

House Releases Rewrite of Build Back Better Tax Proposals

A version of H.R. 5376 (the Build Back Better Act), released on October 28, 2021 by the House Budget Committee, eliminates many of the previously proposed tax increases that would have impacted individuals.  The tax proposals eliminated in the rewrite include: Increase in the top marginal individual income tax rate; Increase in the capital gains rate for certain…

Potential Tax Savings if Rates Increase

The Treasury Department’s Green Book outlines proposals supported by the Biden Administration that would increase federal tax rates for corporations and high-income individuals, generally effective for taxable years beginning after December 31, 2021. Under these proposals: The corporate tax rate would increase from 21% to 28%; The effective tax rate on global intangible low-taxed income…