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Key points On Wednesday, September 15, The House Ways and Means Committee advanced a proposal for a $2.1 trillion tax increase. The proposal could drastically change the gift and estate tax treatment of new irrevocable trusts and transactions with certain existing trusts. The proposal would also reduce the current gift and estate tax exemption of $11.7 million to $5 million (adjusted for inflation) as of January 1, 2022.
On May 20, 2021, the Department of the Treasury released the American Families Plan tax compliance agenda, detailing the tax compliance initiatives in President Biden’s American Families Plan. The tax compliance agenda is primarily concerned with narrowing the “tax gap” – the approximately $600 billion annual difference between taxes owed and taxes actually paid. The proposal to do so focuses heavily on high-net-worth individuals.
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