This episode of the Tax Beat is part one of two reviewing the U.S. Treasury’s “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (aka, the “Green Book”). This report was released on May 28, 2021 and provides details of the tax provisions introduced with the American Jobs Plan and the American Families Plan. This episode focuses attention on proposed tax rate increases for corporations and individuals, and capital gains – both realized and unrealized. Tax Beat hosts Brooks and Sarah welcome back Cherry Bekaert tax professionals, Mike Kirkman, Leader of the Firm’s Estate Gift and Trust practice, and Barry Weins, Director, specializing in corporate tax and transactions tax services. Both Mike and Barry participated in the Tax Beat episode covering the American Families Plan.
The conversation includes:
- 4:15 – Proposed tax rate increases for corporations
- 11:37 – Proposed tax rate increases for high earning individuals
- 18:05 – Proposed tax on unrealized gains with gifts and estate transfers
- 29:30 – Proposed tax on active income from pass-through entities
- 33:56 – Proposed tax changes to close “loopholes”
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