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Administration's FY2022 Budget Tax Proposals Will Promote Shared Growth and Prosperity

Administration's FY2022 Budget Tax Proposals Will Promote Shared Growth and Prosperity
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COP deal to end foreign fossil fuel funding has key holdout

LONDON: The UK has corralled about 20 nations to pledge to stop funding foreign fossil fuel projects, though the diplomatic win is tempered by the omission of China and Japan. ....

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Fossil Fuels Tax Increase Proposals Detailed In Treasury's

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On May 28, 2021, the U.S. Department of the Treasury released
its General Explanations of the Administration s
Fiscal Year 2022 Revenue Proposals, also known as the
Greenbook. The Greenbook provides additional detail
regarding the Biden Administration s prior proposals (discussed
here and here) to increase taxes on fossil fuel
activities as part of its American Families Plan. It
remains to be seen whether these proposals will be enacted into
law.
Repeal fossil fuel tax preferences,
including the MLP tax regime
The Greenbook proposes to repeal 13 identified tax ....

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House Ag chairman raises objections to stepped-up basis

Legislative Watch: Biden proposes $6 Trillion budget; USDA budget would increase broadband, research and nutrition funding.
House Agriculture chairman David Scott, D-Ga., is raising objections with the administration s proposal to eliminate stepped-up basis, saying it cannot be borne by the next generation of farmers taking over the land.
Scott wrote in a letter to President Biden, Any increase in inheritance tax for those taking over farm land is untenable and will further strain a farm economy that is just now beginning to recover from the strain of the pandemic.”
He continued: In particular, step-up in basis is a critical tool enabling family farming operations to continue from generation to generation. The potential for capital gains to be imposed on heirs at death of the landowner would impose a significant financial burden on these operations. Additionally, my understanding of the exemptions is that they would just delay the tax liability for those ....

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U.S. Department Of The Treasury, Office Of Public Affairs: Administration's FY2022 Budget Tax Proposals Will Promote Shared Growth And Prosperity

<p><span face="times new roman,times" size="3">Today’s budget, which includes the American Jobs and Families Plans, makes the necessary investments in both our infrastructure and our people to ensure the post-pandemic chapter of our history is a strong and prosperous one. Importantly, too, this budget puts our country on a long-term fiscally sustainable path through fair and efficient tax reform.”</span><br /><span face="times new roman,times" size="3">– Secretary of the Treasury Janet L. Yellen</span></p> ....

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