President Biden’s administration has outlined a tax policy built upon the agenda introduced during his campaign. Biden’s tax plan focuses on raising taxes on corporations and affluent households while increasing credits for moderate- to lower-income households. With Democratic control of Congress, changes outlined in President Biden’s tax plan have an increased possibility of becoming a reality.
At what time, in what form, and to what extent remains to be seen; however, another round of tax law changes is likely on the horizon.
Having adapted to frequent, and sometimes major, legislative changes in recent years (namely the TCJA, the SECURE Act, the CARES Act, and most recently, the American Rescue Plan Act), concerns about upcoming changes are understandable. While recommendations may be premature, it is important to proactive about potential future tax law changes. By familiarizing yourself with President Biden’s tax plan now, you can position yourself to seize planning opportunities when changes are implemented.
To help you navigate some of these changes, we have created this checklist to guide you through some questions regarding the highlights of President Biden’s tax plan.