Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 30 SEPTEMBER 2021

House Democrats Release Details On Proposed Tax Increases

Davies Ward Phillips & Vineberg LLP
Explore more from Davies Ward Phillips & Vineberg LLP

One way that the Ways and Means Proposal shows moderation is by making smaller changes to key provisions compared with previous proposals.

CanadaTax
Peter Glicklich
Peter Glicklich
Heath Martin
Heath Martin
Zachary C. Kling
Zachary C. Kling
Author LinkedIn connections

Democrats on the House Ways and Means Committee have released a package of tax provisions (Ways and Means Proposal) that, if enacted, would provide funding for the infrastructure legislation that has been making headlines all summer (Infrastructure Legislation).

The changes to the current tax laws in the Ways and Means Proposal, which was released on Monday, September 13, 2021, are expected to raise over $2 trillion toward the $3.5 trillion required by the Democrats' version of the Infrastructure Legislation. Although the new provisions generally focus on increasing tax rates for high-earning individuals and corporations, tax professionals are already noting that the Ways and Means Proposal is significantly less harsh than any of the tax proposals that were released earlier in the year, including President Biden's American Jobs Plan and the related "Greenbook."

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Cryptocurrency Held Through A Bare Trustee: Tax Treatment And The 2026 Reporting Obligations

If you hold cryptocurrency, NFTs or other blockchain assets in someone else’s wallet, or hold assets in your own wallet for someone else, the arrangement is very likely a bare trust. Until recently, that carried almost no compliance consequence. It now carries three reporting obligations to track: the T3 filing for 2026, the T1135, and the proposed Crypto-Asset Reporting Framework from 2027.
CanadaTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

Canadian Prime Minister Announces ‘Productivity Mega Deduction’

Canada's new Productivity Mega Deduction permanently provides immediate expensing for a wide range of depreciable property and Canadian development expenses, dramatically expanding the scope beyond the previously announced Productivity Super Deduction. The measure aims to reduce Canada's marginal effective tax rate on new business investment to 6.4%, positioning it as the lowest among major economies and less than half the U.S. rate.
CanadaTax
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

Productivity Mega Deduction: Key Tax Measures Announced At The Canada Investment Summit

Canada has introduced a permanent Productivity Mega Deduction allowing immediate expensing of up to 100% of eligible capital property costs and Canadian development expenses acquired after September 15, 2026. This measure aims to boost business investment and strengthen Canada's tax competitiveness by expanding immediate expensing eligibility from 15% to approximately two-thirds of capital investments, while reducing the country's marginal effective tax rate to 6.4%.
CanadaTax
McCarthy Tétrault
McCarthy Tétrault
Article

How To Appeal The Toronto Vacant Home (VHT) Tax: Here’s What One Landlord Did To Fight VHT Assessment

Since 2022, the City of Toronto has imposed an annual Vacant Home Tax (VHT) on residential units left unoccupied for more than six months of the year. For most owners the tax is an afterthought: file the annual declaration, confirm the unit was lived in, and move on. But when the City’s administrative process breaks down, an owner can find themselves fighting a five-figure tax bill over a unit they insist was never vacant at all.
CanadaTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

Key Takeaways From All In 2026: AI Sovereignty, Infrastructure And Canada’s Growing Role

Canada and Germany are making unprecedented investments in AI infrastructure and safety research, while major players like Cohere, OpenAI, and Bell position themselves in a rapidly evolving landscape of technology sovereignty. How will these strategic moves reshape the global AI race and what do they mean for businesses navigating data residency, vendor relationships, and emerging regulatory frameworks?
CanadaStrategy
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

From Compliance To The Courtroom: Navigating Canada’s Rapidly Escalating Anti-Money Laundering Enforcement Landscape

Canada's anti-money laundering enforcement regime is undergoing a seismic shift, with FINTRAC issuing record penalties and new legislation increasing penalty caps by up to 40 times. Understanding how to navigate the enforcement pipeline—from examination through Federal Court litigation—is now critical for reporting entities facing unprecedented regulatory scrutiny.
CanadaGovernment, Public Sector
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

Investment Canada Act - Guide For Foreign Investors In Canada: 2026

Davies' Investment Canada Act guide provides foreign investors with essential information about national security reviews and net benefit assessments when establishing or acquiring Canadian businesses. The comprehensive resource outlines review processes, timing considerations, and regulatory requirements that non-Canadian entities must navigate when investing in Canada.
CanadaGovernment, Public Sector
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

Bill C-36: Rewriting The Rules For Canadian Private Sector Privacy

Canada's proposed Privacy and Consumer Data Act introduces sweeping changes to private sector privacy regulation, including a new enforcement body with unprecedented penalty powers, mandatory cross-border transfer assessments, and enhanced protections for children's data. Organizations operating in Canada face a fundamental shift from PIPEDA's principles-based approach to a prescriptive compliance regime with significant financial and legal consequences.
CanadaPrivacy
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

Building Canada Strong: Major Projects Acceleration

Canada's federal government has introduced sweeping regulatory reforms aimed at accelerating major project approvals through compressed timelines and streamlined coordination. The Building Canada's Success Act establishes a one-year federal review period for designated projects while creating new mechanisms for regional preapprovals and consolidated decision-making. These changes fundamentally reshape how infrastructure and resource projects navigate federal environmental assessments and permitting processe
CanadaGovernment, Public Sector
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP