KPMG report: Senate Finance Chairman Wyden discussion draft to reform taxation of passthrough entities
Describes the proposals in the Wyden discussion draft and provides initial observations and analysis
To reform taxation of passthrough entities
Senate Finance Committee Chairman Ron Wyden (D-OR) on September 10, 2021, released a discussion draft of legislation intended to reform the taxation of passthrough entities.
According to a press release when the draft was unveiled, the proposed legislation would be intended to “close loopholes that allow wealthy investors and mega-corporations to use passthough entities, primarily partnerships, to avoid paying their fair share of taxes.”
A section-by-section summary further explains that “the provisions of the discussion draft remove optionality that is unnecessary for business ends and close certain tax loopholes that allow investors and corporations to pick and choose when to pay tax.”
Read a September 2021 report [PDF 824 KB] (31 pages) prepared by KPMG LLP that describes the proposals in the Wyden discussion draft and provides initial observations and analysis: KPMG report: Senate Finance Chairman Wyden discussion draft to reform taxation of passthrough entities
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