Biden's Capital Gains Overhaul Loses Traction in House

The House Ways and Means Committee approved its portion of a multi-trillion dollar economic and social spending plan this week. But despite this latest victory, Democrats still have a lot of work to do before their aspirations become law. The House tax plan doesn't include some of President Joe Biden's notable proposals, including an overhaul of the way unrealized capital gains are treated at death. The tax plan advanced by Ways and Means also aims for more modest hikes to the corporate and capital gains rates than Biden has been seeking. On this week's episode of our weekly Talking Tax podcast, senior reporter Colin Wilhelm discusses the state of play with two Bracewell LLP lobbyists who have a depth of knowledge on the issues: Yasmin Nelson, former senior policy advisor to then-Sen. Kamala Harris,, and colleague Liam Donovan, a former Republican campaign operative who now works on tax and energy issues as well as providing multi-platform political commentary. Nelson and Donovan break down the opposition to the capital gains overhaul, how a troubled prescription drug pricing proposal impacts the overall revenue picture, and what is happening over on the Senate side of the Capitol. Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.