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Pending Tax Law Update

While the Build Back Better (BBB) legislation appears to be going nowhere, an announcement on February 9 indicated that Republicans and Democrats had reached a ‘framework’ to negotiate a belated omnibus spending bill for fiscal 2022. This announcement likely marks the beginning of discussions on what to do about 41 tax provisions that expired in the tax year 2021.

Objections continue to be heard on the BBB Act. On February 11 it was reported the Biden administration is considering retooling the BBB Act as a deficit-reduction measure to win the support of Senator Joe Manchin (D-WV), who continues to raise concerns about inflation, the $30 trillion federal debt, and the BBBA’s temporary provisions that mask future costs. Senator Manchin is now backing a higher tax on the wealthy, corporations, and capital gains, which runs counter to remarks made by Senator Sinema objecting to rate increases.

One thing is clear – the Build Back Better Act has stalled and there seems to be no new negotiations underway, leaving us all to wonder whether it will be revived, new legislation will take its place, or whether it is dead and the Senate will simply move on to the rest of its agenda.

Author(s)

Stuart J. Oberman, Esq.
President & CEO | Website | + posts

Stuart J. Oberman is the founder and President of Oberman Law Firm. Mr. Oberman graduated from Urbana University and received his law degree from John Marshall Law School. Mr. Oberman has been practicing law for over 28 years, and before going into private practice, Mr. Oberman was in-house counsel for a Fortune 500 Company.
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Stuart J. Oberman is the founder and President of Oberman Law Firm. Mr. Oberman graduated from Urbana University and received his law degree from John Marshall Law School. Mr. Oberman has been practicing law for over 28 years, and before going into private practice, Mr. Oberman was in-house counsel for a Fortune 500 Company. <strong><a href="https://obermanlaw.com/people/stuart-j-oberman/"><span style="color: #0059b8;">Read More =></span></a></strong>

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