TAX TAKE: A September to Remember?

Tax Alert
09.07.2021

August, which is traditionally dominated by the Congressional recess, was much busier than expected with Senate passage of the bipartisan infrastructure bill and the budget resolution and, after much intra-Democratic party debate, House passage of the budget resolution. This burst of legislative activity has significant implications for the already busy September agenda. As it currently stands, the monthly schedule is jam-packed, including:

  • September 9, 10, 14, and 15: Tentatively scheduled House Committee on Ways and Means markup of reconciliation bill (with tax provisions expected to be addressed towards the end)
  • September 15: Non-binding budget resolution deadline for committees to report reconciliation recommendations
  • September 27: Deadline for House vote on Senate-passed bipartisan infrastructure bill
  • September 30: Expiration of highway authorization and government funding

This schedule is quite fluid and subject to change. In particular, current negotiations between Congressional leadership and the Administration regarding the ultimate cost of the reconciliation bill (i.e., whether the proposed $3.5T "top line" number is reduced to address concerns raised by moderates such as Senator Joe Manchin (D-WV) and Senator Kyrsten Sinema (D-AZ)) and how much of that cost is financed by deficit spending and tax increases may impact the timing of the House Committee on Ways and Means markup. That markup, when it goes forward, will provide a wealth of information regarding the House's position on proposals contained in Treasury's Greenbook, novel ideas for revenue raisers that may have not been previously discussed, and provide potential effective dates for provisions, such as any proposed increase in the capital gains rate. It will also be important to monitor Congressional and stakeholder reaction to the markup – particularly views that could alter the likelihood of provisions' success in passing through the full House and the Senate. #TaxTake 

Upcoming Speaking Engagements and Events

Loren will speak at the 2021 WITA Virtual Intensive Trade Seminar on a panel titled, "International Tax and Trade," on September 13.

On September 21, Marc will speak at the 2021 ICI Tax Accounting Conference on a panel titled, "Biden Administration's Legislative and Regulatory Agenda."

On September 23, Loren and fellow Member Kevin Kenworthy will provide a Litigation Update at API's 86th Annual Federal Tax Forum.

Marc will speak at the 56th Annual Southern Federal Virtual Tax Institute on a panel titled, "The 2021 Legislative Landscape: Evaluating Actual and Potential Changes," on October 25.

In the News

Jorge discussed Congressional Democrats' tax agenda in Tax Notes. "At the end of the day, this is going to be about the House Democratic caucus and the Senate Democratic caucus, and what they can negotiate." 

Jorge commented on the possible impact of a tax compliance proposal on cryptocurrency transactions in CQ Roll Call.


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.