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2021 Tax Reform Expected to Be Substantial and Far-Reaching | BakerHostetler

To embed, copy and paste the code into your website or blog: 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

Congress — and Biden — can raise taxes retroactively if they want to

Why most federal laws are flawed — and precious few succeed

© Getty Images Of some 30,000 laws passed in the history of Congress, a remarkably small number stand out for their positive impact and minimal adverse effects. This subject is important because controversy over lawmaking and congressional gridlock have prevented us from solving critical national problems for more than 30 years. This essay lists 15 laws that meet both criteria. Laws mainly correcting injustices, such as the 13th, 14th and 15th Amendments, are not included. Except for its fateful slavery provision, the U.S. Constitution is widely regarded as the most visionary and also practical document in U.S. history. It was created when the American colonies were outposts of The Enlightenment. They gained experience creating representative state constitutions free of the corruption associated with the aristocracies of Britain and France. Gifted leaders such as James Madison framed a document that drew on knowledge of the fate of representative political systems in ancient times

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