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With release by the White House and Treasury of initial details
regarding Biden Administration proposed 2021 tax reform, a primary
focus in Washington, D.C., for the next seven months or so will be
expected changes to the tax code. The tax changes will be
substantial and far-reaching, and will include corporate,
individual and capital gains tax rate increases; international tax
changes; and estate and gift tax changes.
Expected Timing of Biden Administration Tax Changes
Congressional committees in the House and Senate are already
working on tax and budget proposals that will become part of the
Congressional committees in the House and Senate are already working on tax and budget proposals that will become part of a second budget reconciliation bill.
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With release by the White House and Treasury of initial details regarding Biden Administration proposed 2021 tax reform, a primary focus in Washington, D.C., for the next seven months or so will be expected changes to the tax code. The tax changes will be substantial and far-reaching, and will include corporate, individual and capital gains tax rate increases; international tax changes; and estate and gift tax changes.
Expected Timing of Biden Administration Tax Changes
Congressional committees in the House and Senate are already working on tax and budget proposals that will become part of the next budget reconciliation bill. The House and then the Senate will craft and approve a budget resolution to serve as the vehicle for the reconciliation process. Most expect committee action to begin in early May, with ultimate enactment of a comprehensive, single package in the fall. Only 51 votes are needed to pass budget reconci
With the passage of the Biden Administration’s COVID-19 relief bill, the focus in Washington, D.C., has shifted to Administration plans for investment in infrastructure and related.