FDR Tried To Stop A Capital Gains Tax Cut — And Failed forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
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The Democrats’ “sweep” of the White House and both chambers of Congress means that it is all but inevitable that tax legislation will be introduced in 2021, but the razor-thin nature of the Democrats’ majority in Congress could mean that only a few of President Biden’s proposals will ultimately be enacted this year. Because President Biden’s tax plan is unlikely to receive the support of the 60 senators needed to avoid a Senate filibuster, the Democrats will likely need to rely on the reconciliation process to pass tax legislation, and the reconciliation process limits the scope and duration of some legislation. The Democrats will also likely need the support of more conservative Democrats, such as Senator Joe Manchin of West Virginia. In addition, while President Biden has broadly proposed certain tax law changes, he has not released a technical explanation of his tax plan, and his proposals have not been fles