Jorge Castro Quoted on Prospects for Enactment of the Build Back Better Act in Tax Notes
"Hope Springs Eternal for Some of Biden's Tax Priorities"
Jorge Castro, former Counselor to the IRS Commissioner during the Obama Administration and Democratic Congressional tax aide, discussed the possibility of enactment of some version of the Build Back Better Act this year. Castro said the next few weeks will be critical. The Biden administration might have its own views on what it considers critical components of the bill, but what could get enacted ultimately will be determined by moderate members of the House and Senate, Castro noted. Lawmakers like Senator Joe Manchin (D-WV) and Senator Kyrsten Sinema (D-AZ) have shown at least some willingness to support revenue-raising proposals, suggesting IRS funding and international tax reforms (including the global intangible low-taxed income (GILTI) provisions) remain on the table. Those provisions are meant to offset the bill's array of spending provisions on issues like addressing climate change and providing child care subsidies. "Whatever those spending provisions are, I think it's going to determine what the scope of the revenue raisers is going to be," Castro said.