About six weeks ago, we wrote a summary about some of the key personal tax elements to proposed tax law changes introduced by the US House Ways and Means Committee on September 13, 2021. Much has changed since then, and the purpose of this writing is to provide a further update based on the latest Congressional revisions to that proposal.

By now, you’re certainly aware that the House Ways & Means Committee released a mere 881 pages of legislative text last week containing several proposed changes to the current federal tax regime that would significantly impact wealthy Americans in a number of ways.