Ways and Means releases additional proposals for markup, including tax increases

Legislative text includes new items, including tax increase proposals

Legislative text includes new items, including tax increase proposals

The discussion below ultimately resulted in action by the Ways and Means Committee which on September 15, 2021, approved a tax legislative package. Read a KPMG report [PDF 2.3 MB] (203 pages) that provides a summary and analysis of the tax proposals: “Build Back Better Act” tax proposals, as approved by Ways and Means (September 16, 2021)

House Ways and Means Committee Chairman Richard E. Neal (D-MA) today released legislative text to be marked up in committee on Tuesday, September 14, and Wednesday, September 15, 2021. 

The legislative text released today includes new items, including proposals for corporate and individual tax increases, as well as a number of tax proposals that were previously released Friday evening.


KPMG observation

Today’s release includes the long-awaited details on proposed tax increases. There are many details but notably the proposed corporate tax rate is 26.5%, the capital gains rate is as high as 28% for high earners, and the GILTI rate is 16.5%.

KPMG will be releasing detailed analysis of these proposals later this week.


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