2021 House Ways And Means Tax Proposals
At midnight on Friday, funding runs out for the remaining six FY 2024 annual spending bills: State – Foreign Operations, Defense, Homeland Security, Labor – Health and Human Services, Legislative Branch, and Financial...more
On January 19, 2024, the House Ways and Means Committee approved the bipartisan tax legislation, “The Tax Relief For American Families and Workers Act of 2024”. Two proposed changes to Section 42 of the Internal Revenue Code...more
House Ways and Means Committee Chairman Jason Smith (R-MO) unveiled committee Republicans’ economic-growth package on June 9, introducing three individual bills that encompass tax provisions relevant to a broad cross-section...more
The House and Senate were both in session this week, with significant healthcare activity at the committee level. The House Ways & Means Committee met to discuss healthcare price transparency, and the Ways & Means Health...more
Omnibus Bills March toward Passage - Prior to the legislative break, omnibus budget bills concluded their committee paths. A handful have already been voted on by their chambers of origin. Most bills have substantial...more
Debt Limit Negotiations Stall as Treasury Department Begins Extraordinary Measures. On Jan. 19, the U.S. government reached its $31.4 trillion borrowing limit, which was signed into law by President Joe Biden late last year....more
Following two rounds of votes, the House Republican Steering Committee elected Rep. Jason Smith (R-MO) to serve as the chair of the House Ways and Means Committee for the 118th Congress. Smith has served on the committee...more
Earlier today, the Republican House Steering Committee selected Rep. Jason Smith (R-MO) to serve as the chair of the House Ways and Means Committee for the 118th Congress. Jason Smith ultimately defeated fellow Republican...more
LEGISLATIVE LOWDOWN - Congress Advances Towards CR as Deadline Approaches. Yesterday, Senate Democrats proposed legislation to fund the federal government through Dec. 16 with the use of a continuing resolution (CR). The...more
Build Back Better Outlook. Congressional Democrats are still hoping they can pass some version of the Build Back Better Act (BBBA), the budget reconciliation vehicle to advance some of President Joe Biden’s legislative...more
The House and the Senate reconvene Tuesday at 2 p.m. and Monday at 3 a.m., respectively....more
LEGISLATIVE LOWDOWN - Bipartisan Innovation Act: More Tax Talk. The conference committee to reconcile the House-passed America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength Act...more
The House and Senate will reconvene Monday at 2 p.m. and 3 p.m., respectively. What to Watch - Both chambers return to Washington after an eventful week away from Capitol Hill. ...more
TAX TIDBIT - Race to Replace Brady: New Challenger. Rep. Jason Smith (R-MO) is the latest Republican seeking to replace the retiring House Ways and Means Committee ranking member and former chair, Kevin Brady (R-TX), as...more
On Tuesday, Feb. 8, the House Ways and Means Subcommittee on Oversight held a hearing on the challenges facing taxpayers, tax professionals and the Internal Revenue Service (IRS) during the current tax filing season. National...more
The House Ways and Means Committee recently proposed sweeping changes to the tax code that would significantly impair fundamental wealth transfer planning techniques. We recommend that you consider taking action now....more
What You Should Know •The House Ways and Means Committee has approved the tax provisions of President Biden’s Build Back Better Act, a significant first step towards passage. •If passed as drafted, the proposed...more
On September 13, 2021, the House Ways and Means Committee released draft legislation advancing a series of tax proposals (the “Ways and Means Tax Proposals”). This episode of Kelley Drye's Legal Download discusses some of...more
In this final blog post on the House Ways and Means Tax Bill, we address the international tax proposals in the Bill, JCX-43-21. The international tax proposals are fewer in number than the domestic and transfer tax...more
I. Introduction - On September 15, 2021, the House Ways and Means Committee approved tax provisions for proposed inclusion in the Build Back Better Act (the BBBA). If enacted in their current form, the proposals would,...more
The U.S. House Committee on Ways and Means’ tax proposals would significantly impact estate planning for high net worth individuals if enacted. Gift, estate and GST exemption amounts would be decreased; grantor trusts would...more
In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more
What you need to know: On September 13, 2021, the House Ways and Means Committee released its proposed tax plan to fund President Biden’s $3.5 trillion “Build Back Better” social and economic spending package. If enacted as...more
The U.S. House Ways and Means Committee released proposed budget reconciliation legislation on September 13, 2021. The bill still must complete many steps in the legislative process – including passage by the full House of...more
Last week the House Ways and Means Committee released a draft of proposed tax law changes to include in a reconciliation bill. While it is uncertain whether any of these proposals will be adopted – and if so in what form –...more