Tax Law News and Insights

The U.S. House of Representatives passed a crucial part of President Biden's agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions related to areas ranging from health care, climate change and immigration to education, social programs, and of course, taxes. Related...

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For nearly a year, various proposals and so-called "frameworks" have been debated in Congress regarding changes to the federal estate and gift tax laws. Nearly all would have (i) reduced the amount that individuals could gift during lifetime or bequeath at death before application of federal transfer taxes, (ii) eliminated...

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On September 13, 2021, the U.S. House Ways and Means Committee (the "Committee") released a draft of proposed changes to the federal tax code, including significant changes affecting trusts, estates, gifts and tax rates, among other proposals1. The most relevant of these modifications are outlined below. Individuals are likely to...

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