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The Current State of Congress and Anticipated Tax Legislative Activity

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Manage episode 359297764 series 2910096
Content provided by Olivia Duffey and BDO USA. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Olivia Duffey and BDO USA or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Key Takeaways and Tax Planning Points:

  • Enacted as part of the Inflation Reduction Act (IRA), corporations are now subject to a 15% minimum tax on book income of $1 billion or more.
  • The IRA also provided $80 billion of funding for IRS – with $46 billion earmarked specifically for enforcement.
  • Enacted as part of the 2023 Omnibus Appropriations legislation, the SECURE Act of 2022 contains a host of retirement provisions such as changes to 401k, IRS, Roth, and other plan rules.
  • While the current Administration’s “Green Book” on tax policy has not yet been released, a few tax proposals were discussed during the February 2023 State of the Union Address:
  • Establishment of a new increase from a 1% excise tax on stock buybacks (enacted August 2022) to 4% excise tax
  • Establishment of a new “billionaires” tax – households with net wealth exceeding $100 million would pay a minimum rate of 20% on an expanded computation of income, which would include unrealized capital gains.
  • Reaffirmation by President Biden that the government would not raise taxes on anyone earning under $400,000/year.
  • As Congress is split politically, it remains difficult for meaningful new tax legislation to make it through both houses and clear the President’s desk in the near term.

Resources:

  • Navigating the Intersection of Tax & ESG
  • Is Your Company Effectively Managing Tax Risk?
  • How to Benefit from Total Tax Transparency
  continue reading

75 episodes

Artwork
iconShare
 
Manage episode 359297764 series 2910096
Content provided by Olivia Duffey and BDO USA. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Olivia Duffey and BDO USA or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Key Takeaways and Tax Planning Points:

  • Enacted as part of the Inflation Reduction Act (IRA), corporations are now subject to a 15% minimum tax on book income of $1 billion or more.
  • The IRA also provided $80 billion of funding for IRS – with $46 billion earmarked specifically for enforcement.
  • Enacted as part of the 2023 Omnibus Appropriations legislation, the SECURE Act of 2022 contains a host of retirement provisions such as changes to 401k, IRS, Roth, and other plan rules.
  • While the current Administration’s “Green Book” on tax policy has not yet been released, a few tax proposals were discussed during the February 2023 State of the Union Address:
  • Establishment of a new increase from a 1% excise tax on stock buybacks (enacted August 2022) to 4% excise tax
  • Establishment of a new “billionaires” tax – households with net wealth exceeding $100 million would pay a minimum rate of 20% on an expanded computation of income, which would include unrealized capital gains.
  • Reaffirmation by President Biden that the government would not raise taxes on anyone earning under $400,000/year.
  • As Congress is split politically, it remains difficult for meaningful new tax legislation to make it through both houses and clear the President’s desk in the near term.

Resources:

  • Navigating the Intersection of Tax & ESG
  • Is Your Company Effectively Managing Tax Risk?
  • How to Benefit from Total Tax Transparency
  continue reading

75 episodes

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