Legislation
Breaking news and analysis on the latest legislation and activities affecting financial services from Capitol Hill.
House Passes Biden's Economic Plan, With Senate Fate Uncertain
By Erik Wasson and Billy HouseThe Senate is not on board with a provision lifting the $10,000 cap on federal deductions of state and local taxes to $80,000.
November 15, 2021
Senators Seek Crypto Reporting Fix as Biden Signs Infrastructure BillSome U.S. senators aim to narrow cryptocurrency tax reporting rules, which they see as overly broad and stifling to the growth of digital currencies.
November 15, 2021
Greg Valliere: Inflation Fears Could Delay Biden's Tax, Spending PlanThe policy strategist gives ThinkAdvisor his latest political predictions and discusses a crucial economic indicator that's been "eerily quiet."
November 12, 2021
SALT Cap Is Poised to Get Looser as Democrats Debate Tax ReliefHouse Democrats want to raise the cap to $80,0000, while Senate Democrats aim to phase out the deduction for those with about $400,000 or more in income.
November 10, 2021
House Panel Passes Retirement BillAmong other measures, the RISE Act creates a database of lost retirement accounts.
November 04, 2021
Tax Hikes in House Version of Biden Plan Come to Nearly $1.48T, Panel SaysIncreasing the cap on state and local tax deductions to $72,500 from $10,00 would raise about $2 billion over a decade.
November 04, 2021
Backdoor Roth Lockdown Plan Is Back; Here's What Advisors Should Do Next: Ed SlottUnder the Democrats' revised plan, the backdoor Roth curbs wouldn't take effect until 2029.
November 03, 2021
Democrats Weigh Enlarging AMT to Counter SALT ExpansionAn expanded AMT could mean higher taxes for some top earners, even if they're eligible for lots of credits and deductions.