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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

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