On Monday, September 13, the House Ways & Means Committee released a list of the tax proposals it plans to include in the legislative mark-up this week:
- Increase the top ordinary income tax rate to 39.6%
- Increase the top capital gains rate to 25%
- Impose a 3% surtax on individuals with AGI > $5MM
- Reduce the estate and gift tax exemptions to 2017 levels ($5.49MM per person), effective 1/1/2022
- Change rules relating to grantor trusts
- Change valuation discount rules
- Require higher required minimum distributions for “mega” IRA’s
- Subject cryptocurrency sales to wash sale rules
- Impose constraints on syndicated conservation easements
More when there’s more…