October 2021

TAX DEVELOPMENTS

Tax Legislation – Update

Progressive and Moderate democrats in Congress continue to negotiate partisan social spending and tax legislation called the Build Back Better Act. According to the latest reports, the size of the legislation has been reduced from $3.5 trillion to a reported target of $1.75 trillion.

On October 28 the White House released an updated framework for the Act. The tax related proposals have shifted. The plan no longer calls for an increase in the corporate tax rate from 21% to 26.5%.

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