The Senate Finance Committee floated changes this week to the House’s Build Back Better plan for review in the Senate.
It’s hard to say how it will turn out, but as of now it includes the WORST of both worlds.
It KEEPS the House proposal to completely eliminate Mega Backdoor Roths as of December 31, 2021.
And it ELIMINATES the SALT cap increase from $10,000 to $80,000.
From what I can tell, this is just the opening move, very much a work in progress and likely to change over the next week.
Even if it does pass the Senate, some of the House Democrats have said they won’t vote for anything that doesn’t include a SALT Cap increase.
Plus the House is now in recess until next year.
Who knew tax legislation could be so exciting!?!?
Stay tuned and I’ll keep you posted.
