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Playing Chess With the Feds

A dizzying array of tax proposals keeps practitioners on their toes

The year 2021 presented a dizzying array of possible alterations to federal tax laws. It began with a flurry of legislative activity compressed within a 4-day period at the end of March. Sen. Bernie Sanders (I-Vt.) introduced the “For the 99.5% Act,”1 followed shortly thereafter by Rep. Brad Pascrell’s (D-N.J.) H.R. 22862 and Sen. Chris Van Hollen’s (D-Md.) “ STEP Act.”3 On April 28, President Joe Biden published (in the form of a “Fact Sheet”) his “American

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