CONGRESSIONAL WEBSITE BILL CONFUSION

Dear Clients and Friends: Estate planning and tax law commentators around the country are grappling with ambiguous versions of the House bill passed on November 19. See our Alert of November 22: https://www.jckempe.com/house-bill-brings-continued-uncertainty/ . These ambiguities have been driven by incorrect versions of the bill appearing on Congressional and legislative tracking websites, such as Congress.gov …

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HOUSE BILL BRINGS CONTINUED UNCERTAINTY

Dear Clients and Friends: Last Friday, November 19, 2021, the House of Representatives passed H.R 5376, The Build Back Better Act (the “Act”), which was introduced into the House on September 27, 2021: https://www.govtrack.us/congress/bills/117/hr5376 Among many tax law changes, the bill reduces the estate, gift, and generation skipping tax exemptions in half- from approximately $12 …

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HOUSE RELEASES REVISED BILL

Dear Clients and Friends: After President Biden announced his Build Back Better compromise framework on October 28, 2021 ( https://www.jckempe.com/what-to-do-now/ ), the House Rules Committee later released a revised bill (H.R. 5376) reflecting the compromise. The bill reflects a significantly pared down proposal for their budget reconciliation package. Moderate Democrats, like Senators Sinema and Manchin, …

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WHAT TO DO NOW?

Dear Clients and Friends: This morning President Biden announced a framework that he believes will secure unanimous Democratic approval, but details remain unknown. Democrat infighting has caused a substantial reduction in their tax and spend reconciliation proposal, which is now reduced and projected at $1.85 trillion. The extent to which this alters the House and …

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CLIENT ALERT – TAX REFORM

Dear Clients and Friends: The House Ways and Means Committee (the “House”) recently released 881 pages of proposed legislation aimed at paying for its spending initiatives.  There are many changes aimed at filling loopholes and raising taxes on the “wealthy” (those earning over $400,000 per year, as pledged).  These proposals differ from versions proposed in …

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