The Biden Tax Plan:
Fact or Fiction
The Tax Man Cometh
There are two certainties in life: death and taxes.
One of the major pillars of President Joe Biden’s campaign platform was significant tax reform that in many cases, would raise the amount of tax generated by a number of taxes currently in place in the United States. As we often see with politicians, there can be dramatic differences between campaign promises and political realities. This paper is designed to outline the proposals put forth by the Biden administration, as well as assess the probabilities of those proposals actually becoming law. As we have seen over the past several years, fiscal policy has a tremendous impact on the state of the economy. Having a clear view of the potential changes to that fiscal policy, understanding the potential impacts of those changes, and determining which have a chance of becoming reality is key to being able to build financial, investing, and estate plans.
The purpose of this guide was not to pass judgment on whether or not these are good or bad policies, but rather to give you an idea of potential tax changes that may be in the works, and which ones we think have a chance of becoming law in the next two years. Figuring out which campaign promises can turn into actual policy is critical for understanding your personal tax situation, as well as how the changing tax landscape may impact the economy and financial markets. We’ll be watching closely as to how any of these items move through Congress over the next two years, and we’ll keep you informed as to whether or not any of these changes become law.
Fill out the form to the right to download this guide today and learn more about the potential changes to the tax code.