TAX TAKE: Our House is a Very, Very, Fine House - House Passes the Build Back Better Act
On Friday, November 19, the House passed H.R. 5376, the Build Back Better Act, by a vote of 220 to 213. The House vote came shortly after the Congressional Budget Office released its official score of the bill. The Joint Committee on Taxation also released a revised revenue estimate on Friday.
The bill, which contains more than $1.5 trillion in individual and business tax increase provisions, now heads to the Senate. The timing and process for the Senate consideration of the House bill, as well as the subsequent House and Senate negotiations over a final bill, are uncertain. In our last two Tax Takes, we discussed our top 10 questions (questions 1-5 here, 6-10 here) for these important negotiations as the Administration and the Congressional Democratic leadership push for enactment of the bill before year end. Hopefully, we will start seeing answers to these questions as the process unfolds. #TaxTake
Upcoming Speaking Engagements and Events
On November 30, Loren will speak on the North America panel at IFA's 2021 virtual event, "The Global Tax Agreement: The Two-Pillar Solution."
Loren will co-chair the panel, "Cross-Border Tax Controversy – Challenges and New Ways Forward" at the IBA's New Era of Taxation Conference on December 3.
On December 7, Loren will speak at the 2nd Annual IFA USA Winter International Tax Conference. Loren's panel is titled, "Legislative Landscape in Light of Potential Tax Reform."
In the News
Jorge appeared on CNBC's Squawk Box to discuss the Administration's Build Back Better tax plan. "Clearly what is driving the Build Back Better plan that the administration is proposing is the social spending programs for childcare, healthcare, and education," Jorge said, adding that "Democrats are on a very compressed schedule, which raises challenges as to what is the right policy."
Vacation, all I ever wanted...Tax Take will be taking this week off. Unless there are significant developments (at which point we will step away from the turkey and report them to you), we will return to your inbox on December 6. Happy Thanksgiving!
The information contained in this communication is not intended as legal advice or as an opinion on specific facts. This information is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. For more information, please contact one of the senders or your existing Miller & Chevalier lawyer contact. The invitation to contact the firm and its lawyers is not to be construed as a solicitation for legal work. Any new lawyer-client relationship will be confirmed in writing.
This, and related communications, are protected by copyright laws and treaties. You may make a single copy for personal use. You may make copies for others, but not for commercial purposes. If you give a copy to anyone else, it must be in its original, unmodified form, and must include all attributions of authorship, copyright notices, and republication notices. Except as described above, it is unlawful to copy, republish, redistribute, and/or alter this presentation without prior written consent of the copyright holder.