With full Republican opposition, congressional Democrats will need to unify to secure final passage and enactment utilizing the budget reconciliation process. The Bill now moves to the Senate for further review, debate, and likely further modification.
While this uncertain and evolving legislative environment has made 2021 tax planning particularly challenging, we continue to recommend that clients focus on the fundamentals by taking advantage of planning strategies and high exemptions while still available, particularly as many remain targeted for elimination during this 117th Congress.
We encourage you to reach out or contact your Pathstone team to discuss how you can best utilize current opportunities while maximizing flexibility for an unpredictable future.
Please see the PDF version of this article for important disclosures.