This week on Capitol Hill, House Democrats outlined provisions of a massive tax increase to fund a $3.5 trillion budget reconciliation bill referenced as the Build Back Better Act. The tax changes are aimed at boosting federal spending on social and climate programs. Key changes would include top corporate and individual tax rates of 26.5% and 39.6%, respectively, and a capital gains tax of 25%. The National Association of Manufacturers roundly criticized the proposal and the threat it poses to American jobs. The non-partisan Tax Foundation said that under the plan, the U.S. would have an average corporate tax rate of 30.9%, which would be third highest in the developed world. OMA Connections Partners Plante Moran, Schneider Downs, and GBQ Partners have published summaries of the proposed tax changes. Connections Partner RSM is offering a complimentary webinar at 2 p.m. Tuesday, Sept. 21 to provide an update on the latest federal tax policy developments. 9/15/2021