The New England Accounting Advisor

House Sets Stage for Biden Tax Plan by Passing $3.5 Trillion Budget Resolution

Posted by Bill Smith and Nate Smith on Thu, Aug 26, 2021 @ 02:24 PM

The House of Representatives passed a fiscal 2022 budget resolution (H. Res. 601) on August 24 that paves the way for President Biden’s “Build Back Better” (BBB) plan to be passed into law, potentially by the end of September.

Included in the $3.5 trillion bill are infrastructure programs to fight climate change, expand education access, and expand Medicare, with new funding “pay-fors” coming from tax increases on corporations and individuals with higher incomes. It is designed pursuant to the Senate’s budget reconciliation procedures, which enables the resulting budget reconciliation bill to pass in the Senate with a simple majority vote.

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Topics: Taxes, excess business loss limitation, American Jobs Plan, AJP, American Families Plan, Build Back Better, Step-Up in Basis, Long-Term Capital Gains, AFP, Budget Resolution, BBB Plan

Biden Administration Provides Further Details on Tax Plan

Posted by Bill Smith and Nate Smith on Fri, Jun 11, 2021 @ 12:18 PM

On May 28 the Treasury Department released the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals. This document, traditionally known as the Green Book, outlines in greater detail the Administration’s tax proposals which were initially previewed in the American Jobs Plan and the American Families Plan. President Biden’s proposals, if enacted, would have a wide ranging impact on wealthy individuals and on businesses.

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Topics: Taxes, excess business loss limitation, American Jobs Plan, AJP, American Families Plan, Build Back Better, Green Book, Treasury Department’s Green Book, infrastructure

Biden’s American Families Plan Enhances Child Care and Education, Targets Wealthy Taxpayers

Posted by Bill Smith and Nate Smith on Thu, Apr 29, 2021 @ 10:18 AM

President Biden’s $1.8 trillion American Families Plan (AFP) represents the second installment of his “Build Back Better” campaign plan, and would more prominently position the government’s role in society. While his $2.3 trillion American Jobs Plan (AJP) would finance infrastructure spending primarily through additional taxes on corporations, the AFP has “wealthy” individual taxpayers footing the bill for child care and education spending. Congress must first agree on a strategy to formalize both the AFP and the AJP in legislation before it hones in on negotiations over the provisions from these two plans. But before the prospects are explored for the AFP becoming law, an analysis of its key components is in order.

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Topics: Taxes, excess business loss limitation, American Jobs Plan, AJP, American Families Plan, Build Back Better, Step-Up in Basis, Long-Term Capital Gains, AFP

How Quickly Can President Biden Pass His American Jobs Plan?

Posted by Bill Smith on Thu, Apr 8, 2021 @ 03:58 PM

President Biden recently unveiled his $2.29 trillion dollar plan to invest in transportation infrastructure and other capital projects, The American Jobs Plan (AJP). Although designed to stimulate the economy, the AJP may come with unfavorable tax provisions. Biden’s proposed eight-year AJP would be funded over the next 15 years through increases to corporate taxes and changes to U.S.-international business taxation. These permanent tax increases would offset the cost of the infrastructure and capital projects, and would begin to reduce federal deficits thereafter.

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Topics: Taxes, COVID19, tax extension, Coronavirus, American Jobs Plan, AJP, Reconciliation, Budget Reconciliation

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