U.S. House Democrats proposed new legislation on Monday, which, if passed, could affect corporate, personal, and estate tax rates. Though this new legislation largely undoes the tax cuts passed under the Trump administration, it is substantially less severe than the proposal made by President Biden earlier this year. The House Ways and Means Committee intends to debate the legislation this week, but given the need to pass a new appropriations bill prior to September 30th or risk a government shutdown, it would not be surprising to see delays as the House debates this new tax legislation.
