News & Analysis as of

Tax Rates High Net-Worth

Allen Barron, Inc.

New Corporate Tax Increase Proposal and Focused IRS Audits - Is the Cost of Business Going Up?

Allen Barron, Inc. on

The Biden Administration’s new corporate tax increase proposal will face substantial challenges in both branches of Congress this year. The IRS continues to focus on the tax profiles of large corporations, limited...more

Cadwalader, Wickersham & Taft LLP

Potential Constitutional Challenge: Biden Budget Proposes Mark-to-Market for High-Net-Worth Individuals

In President Biden’s State of the Union address, he called on all Americans to pay their “fair share.” The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals contains several...more

Rivkin Radler LLP

Will New York Increase Taxes On Investment Income?

Rivkin Radler LLP on

Last Thursday, New York State Senator Gustavo Rivera, who represents the 33rd District (basically, the northwestern quadrant of The Bronx), proposed legislation that seeks to collect more taxes from the State’s high-income...more

Goulston & Storrs PC

Biden’s FY2023 Budget: Key Real Estate & Corporate Tax Proposals

Goulston & Storrs PC on

On March 28, 2022, President Biden released his FY2023 budget (the “FY2023 Budget”), and the U.S. Treasury released the so-called “Green Book,” which provides details related to the revenue provisions in the FY2023 Budget....more

Freeman Law

Notable Tax Takeaways from President Biden’s Budget

Freeman Law on

On March 28, 2022, President Joe Biden released his FY 2023 Budget of the U.S. Government (the “Budget”). In a statement regarding the Budget, President Biden stated the following...more

Davies Ward Phillips & Vineberg LLP

Revised U.S. Tax Proposals Will Affect Foreign Investment

The U.S. House Committee on Rules recently released an updated version of the Build Back Better Act (Act) to reflect the White House’s Build Back Better framework (Framework) announced on the same day (October 28, 2021). ...more

Foster Garvey PC

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

Gould + Ratner LLP

Proposed Federal Tax Changes Take Aim at Wealthy Businesses and Individuals

Gould + Ratner LLP on

The tax plan released last month by the Democratic-led House Ways and Means Committee would bring about extensive changes in the taxation of businesses and high-income individuals. Proposals Affecting Businesses - Key...more

Cadwalader, Wickersham & Taft LLP

A Comparison of Recent Tax Proposals

This chart compares the Biden Administration’s Fiscal Year 2022 Revenue Proposals (the Greenbook), to the tax proposals in the Build Back Better Act (BBBA) approved by the House Ways and Means Committee on September 15, 2021....more

Downs Rachlin Martin PLLC

AFP: $80 Billion to Audit Businesses and Wealthy in Biden Plan

On April 28, 2021, President Biden presented the “American Families Plan” (AFP), an ambitious spending program focused on providing family leave, child care and nutrition, health care, preschool and college education to...more

Skadden, Arps, Slate, Meagher & Flom LLP

Increased Funding Would Support IRS Drive To Audit More Partnerships and Wealthy Individuals

More — and more rigorous — IRS examinations are coming. The Biden administration is committed to closing the “tax gap” (the difference between taxes owed and taxes actually paid on time). Increased enforcement efforts are...more

Morgan Lewis

Tax Reform on the Horizon: Current Developments and Updates

Morgan Lewis on

With the recent passage of the COVID-19 stimulus package, President Joseph R. Biden, his administration, and Congress have turned their attention to long-term economic recovery, deficit reduction, and tax reform. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Biden’s Tax Proposals and Estate Planning

Democratic presidential nominee Joe Biden has provided limited information about his plans to modify the tax treatment of decedents and their estates. However, he has signaled that he supports raising estate taxes and...more

BakerHostetler

Leaving on a Jet Plane: How to Change Tax Residency

BakerHostetler on

Many people are looking to move out of high tax jurisdictions - for a variety of tax and non-tax reasons. State tax officials audit residency changes with vigor. Betsy Smith joins Matt Hunsaker in the virtual studio to...more

Hogan Lovells

Davis Tax Committee report

Hogan Lovells on

The Davis Tax Committee (the Committee) released a further report on "Tax Administration" on 13 November 2017 as part of the final six reports that were deliverable by the Committee. ...more

McDermott Will & Emery

Tax Planning for High-Net-Worth Individuals under a Trump Presidency

McDermott Will & Emery on

Tax reform is one of the central components of Donald Trump’s platform, and in many respects, his goals for tax reform are aligned with those described in the Tax Reform Task Force report issued by the House Republicans last...more

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