Each year I attend a very high-level tax seminar to get my continuing education hours for both law and accounting. I like it because 1) the format consists primarily of panel discussions with a high-level IRS official, a high-level tax attorney, and a high-level tax CPA on each panel, so you get very authoritative information, and 2) they discuss not only current law but also pending bills and their prospects of getting passed.

Yesterday, in discussing the Biden proposals all the panelists, including the IRS folks, pretty much agreed:
- The corporate rate changes, and the proposed worldwide rate on book income, will be very detrimental to US-based companies in the world economy unless the rest of the world follows suit
- The proposed elimination of the IDC deduction will basically put a halt to domestic oil and gas exploration activity
- The proposed changes regarding taxation of capital gains could force a significant number of wealthy people into bankruptcy

The anti-capitalist redistributionist/socialist/communist direction of the democrats is clearly on display in their tax proposals.