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Too soon to know the fate of tax increases attached to proposed budget bill

It is too soon to breathe a sigh of relief when it comes to tax increases attached to the budget reconciliation bill that has been introduced.

On August 24, 2021, the House of Representatives approved the framework of a $3.5 trillion budget reconciliation bill, but did not act on the $1.2 trillion Infrastructure Investment and Jobs Act. These bills had been stalemated because of disagreements over simultaneous passage, but House Speaker Nancy Pelosi indicated an intent to pass both by the end of September. The infrastructure bill, which does not include any tax increases and has already passed the Senate, would then be ready for enactment with the president’s signature. Read more…