Third Time's the Charm?
Overview
The House Budget Committee released a third version of H.R. 5376 (the Build Back Better Act) on November 3, 2021. This draft increases the state and local tax deduction, brings back many of the retirement proposals from the original September 13 draft of the Bild Back Better Act, and retains the surcharge on high-income individuals, estates, and trusts from the October 28 version. A summary of the tax updates is provided to show where things stand today.