Update on Potential Tax Changes

Facing procedural challenges and continued pushback from certain Democrats, last Thursday, December 16, 2021, the Biden Administration announced that negotiations relating to the “Build Back Better Act” will continue into 2022. On December 19, 2021, West Virginia Senator Joe Manchin announced that he will not vote for the bill in its current form. Senator Manchin was the key swing vote in the Senate, and his announcement effectively ensures that the bill is dead in its current form. Therefore, any new tax legislation is highly unlikely to pass prior to year-end.