On September 13, 2021, the House Ways and Means Committee Chairman Richard Neal introduced tax provisions of the Committee’s proposed budget, which proposes substantial changes to the Federal tax regime. The draft legislation includes numerous changes to the business, individual and international tax regimes, including corporate tax increases and individual income tax increases for certain high earners, as more fully described in our memorandum dated September 15, 2021. The draft legislation also includes major revisions to the estate, gift and trust tax regimes. This memorandum summarizes important features of the draft legislation related to estate, gift and trust taxation.