September 13, 2021: House Ways & Means Committee Lists Tax Proposals

person writing on documents

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…

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