Tax Law News and Insights

After negotiating for months with the White House and congressional Democratic leaders, Sen. Joe Manchin (D-WV) on Sunday announced he would not vote for the Build Back Better Act (BBBA)-the $2.4 trillion reconciliation package containing President Biden's top legislative priorities. This alert recaps recent developments around the package and provides...

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On October 28, 2021, the House Ways and Means Committee released a revamped draft tax proposal ("Revised Tax Proposal"), which now includes new levies affecting large corporations and millionaires.  The original draft legislation was released on September 13, 2021, and provided for a series of tax increases and tax cuts...

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On November 19, 2021, HR 5376, the 2,476-page bill, commonly known as the Build Back Better Act, was passed by the U.S. House of Representatives by a vote of 220-213. The House's vote on HR 5376 was held after the Congressional Budget Office released its cost estimates for the proposed legislation. It...

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