On September 13, 2021, the House Ways and Means Committee released its initial draft of proposed statutory language for tax increases of the Build Back Better Act that Democrats are determined to pass this year.
Please note the information contained here is only a summary of certain items from the House Ways and Means Committee’s initial draft proposal and the Senate has not released its version of any proposed tax increases which could differ. Accordingly, this information is fluid and could change within days and the outcome of final legislation that is ultimately signed into law by the President, if any, is uncertain at this point. Despite this uncertainty, the House’s initial draft helps provide insight into the types of tax increases that may get included in an upcoming budget reconciliation package.
Click here for the brief description of various tax increases from this draft that could affect affluent individuals and businesses.