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TAX TAKE: Our House is a Very, Very, Fine House - House Passes the Build Back Better Act

Tax Alert

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."

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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!



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