Fairman Group Discusses Tax Proposals in the Build Back Better Plan
The House has passed the Build Back Better Plan. The Bill now goes to the Senate, where additional compromises and changes could be made. Learn more about what is included in the Build Back Better Plan by clicking ‘Read More’ below.
What IS NOT Included
- Increasing the Top Rate to 39.6%
- Increasing the Capital Gain Rates to 25%
- Limitations on Qualified Business Income (QBI) Deduction
- Decreasing the Estate Tax Unified Credit
- Eliminating Step-up in Basis Upon Death
- Changing Grantor Trust Rules
- Limiting Use of Valuation Discounts
What IS Included
- 5%/3% ‘Surcharge’
- Application of Net Investment Income Tax to Trade or Business Income
- Increase SALT Cap
- Limit Certain Section 1202 Gain Exclusion
- Modification of Rules Relating to Retirement Plans
- Audit More Taxpayers with Income over $400,000