House Tax Bill: What You Need To Know

| Legal Alert
Courtney Dolaway, Kelly Barry

The House of Representatives Joint Committee on Taxation released its highly anticipated synopsis of the colloquial “tax bill.”  Bill JCX-43-21 is the latest piece of legislation in a flurry of recent legislative activity aimed at federal tax increases for high-income and high-net-worth individuals.  The proposed reforms were summarized in a document released on September 13, 2021, by the Staff of the House Joint Committee on Taxation and slated for review by the House Committee on Ways and Means on September 14, 2021.  The proposed tax bill has significant implications and casts a wide net.  The following information is a high level overview of the measures most likely to impact high-income and/or high-net-worth individual taxpayers, if enacted:

These are just a few of the many changes proposed in the bill.  While all of these proposals are subject to further modification when the bill reaches the Senate, it is prudent to start planning for them now. 

Consider reviewing your estate plan with us at Flaster Greenberg PC to ensure you are prepared should any or all of the proponents of this tax bill come to fruition.

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