September 21, 2021

In April 2021, President Biden announced the “American Families Plan,” which included some significant tax law changes. On May 28, 2021, the United State Department of Treasury issued a report entitled “General Explanation of the Administration’s Fiscal 2022 Revenue Proposals” (commonly referred to as the “Green Book”), which was one of the first times that additional details on President Biden’s tax proposal were published.

On September 13, 2021, and over the days following, the House Ways and Means Committee released their highly anticipated 881 pages of legislative text detailing their proposed tax increases as part of the “Build Back Better Act.”. At the end of the week of September 13th, the House Ways and Means Committee had concluded its two-day mark-up of the tax provisions. While the legislative future of these proposed tax law changes is currently far from clear, the following is a comparison of what was proposed in May to what is now being proposed in the draft legislative text.

View the full update here.