Biden's Tax Changes: Where Are We Now?

President Biden recently unveiled the final element of his Build Back Better Plan, a three-part COVID relief, infrastructure improvement, and economic recovery plan funded by significant changes in tax law. With all three elements unveiled, taxpayers are wondering, “Where are we now?”

On May 20, 2021, professionals from Katz, Sapper & Miller discussed the key tax implications of the plan, which parts have been enacted, and what individual and corporate taxpayers should monitor. Topics included:

• American Families Plan
  • Capital gains tax rate increase and stepped-up basis in the estate tax world
  • Impact on top ordinary income rates, carried interest, like-kind exchanges, and limitations on business losses
• American Jobs Plan, including the Made in America Tax Plan
  • Implications on corporations and international operations
• American Rescue Plan Act of 2021 (signed into law March 11, 2021)