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The Biden Administration’s Renewed Tax Plan: Impacts to the PE/VC Industry
Posted by Nate Smith and George Cobleigh on Mar 30, 2022 5:08:29 PM

President Biden’s latest budget proposal calls again for higher corporate and individual tax rates, ordinary tax rates for carried interest, and proposes a new “Billionaire’s Minimum Tax” that would subject wealthy individuals to a minimum 20% tax rate on income that includes unrealized capital gains. These and other tax proposals were outlined in the Treasury Department’s annual Green Book on March 28. The Green Book represents the President’s “wish list” for tax policy, while Congress must draft and pass any associated legislation. Although the fate of the Build Back Better Act (BBBA) remains stalled in the Senate, the Green Book is intended to help shape ongoing and future negotiations in Congress.

The major points from this year’s Green Book and some observations follow. We begin with major business provisions, and continue with individual provisions most likely to be relevant to the Private Equity and Venture Capital (PE/VC) space.

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Topics: tax planning, Private equity, venture capital, Private Equity & Venture Capital, PE/VC, Biden, President Biden, Green Book, Biden Administration

Biden’s American Families Plan Enhances Child Care and Education, Targets Wealthy Taxpayers
Posted by Bill Smith on Apr 30, 2021 11:25:41 AM

President Biden’s $1.8 trillion American Families Plan (AFP) represents the second installment of his “Build Back Better” campaign plan, and would more prominently position the government’s role in society. While his $2.3 trillion American Jobs Plan (AJP) would finance infrastructure spending primarily through additional taxes on corporations, the AFP has “wealthy” individual taxpayers footing the bill for child care and education spending. Congress must first agree on a strategy to formalize both the AFP and the AJP in legislation before it hones in on negotiations over the provisions from these two plans. But before the prospects are explored for the AFP becoming law, an analysis of its key components is in order.

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Topics: tax planning, Private equity, venture capital, Private Equity & Venture Capital, PE/VC, Carried Interest Regulations, Biden, President Biden, American Families Plan

The Upcoming 2020 Presidential Election and its Potential Impact on the Private Equity & Venture Capital Industries
Posted by Scott Costa on Oct 27, 2020 11:16:14 AM

The tax code received a major overhaul a few years ago with the passage of the law commonly known as the Tax Cuts and Jobs Act (TCJA). Passing the tax law turned into a highly partisan debate, and the result was approved mainly along party lines. With the upcoming federal election, the TCJA may once again become a political issue.

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Topics: election year, Taxes, Donald Trump, Election, Private Equity & Venture Capital, PE/VC, Biden, President Biden

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