Unsurprisingly, the Republicans are staunchly opposed to the Build Back Better Act. A recent Reuters article (found here), says that, “Republicans, who have been adamant in defending their 2017 tax cuts and argue that the tax hikes would hurt businesses and kill jobs. Democrats argue the Trump tax restructuring favored the wealthy while Republicans credit it for helping spur economic growth.”
So is it going to pass?
Democrats are aiming for a vote as soon as late September and are counting on the support of both the moderate and more extreme left. To increase the likelihood that it will pass, Democratic leadership chose not to refer to a carbon border tax that had the support of some (but not all) Democrats.
CapGains Inc. is following this legislation closely and is forming a coalition to stay abreast of developments – keep up to date here.
This article does not constitute legal or tax advice. Please consult with your legal or tax advisor with respect to your particular circumstance.