Biden Tax Plan Update Series

With the Senate making changes to the House version of the Build Back Better Act, there’s increasing speculation that the bill won’t pass until 2022. John, Daniel and Elena discuss the adjustments made by the Senate Finance Committee, lingering concerns from Senator Joe Manchin and more.

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With all eyes on Joe Manchin and his concerns on inflation, will the size of the bill be too big for him to vote on? Many outlets are reporting that Manchin may delay passing legislation until 2022. However, Wall Street believes the Build Back Better bill will pass as certain infrastructure firms are outperforming the market. John and Daniel discuss the ongoing developments of the Build Back Better bill in this episode.

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The House passed the Build Back Better Act—placing the ball squarely in the Senate’s court. John, Daniel and Elena talk about what comes next and the results of the CBO’s scoring of the bill. Other DC business is also on the table, including PPP, inflation adjustments and how government funding runs out Dec. 3. It’s all in this week’s Biden Tax Plan Update. Join us Thursday at 2pm ET!

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With attention now focused on taxes, will the Build Back Better Act pass in the House? The earlier attempt to do so was stymied as moderates asked the CBO to estimate how much the bill will cost over time (a process called scoring). John, Daniel and Elena discuss what lies ahead for this and other legislation that could be on the horizon through the end of 2021.

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While we’re still waiting on the Build Back Better Act (the one with the sweeping tax changes), the $1 trillion bipartisan infrastructure bill that passed on Nov. 5 did include some tax news. John, Daniel and Elena discuss the end of the employee retention credit, reporting requirements for cryptocurrency, and other changes to excise taxes, tax-exempt bonds and contributions of capital for utilities.

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Late October saw major developments as the House Rules committee released a significantly changed Build Back Better Act. John, Elena and Daniel discuss the wide range of modifications—from removal of individual ordinary income rate increases to the addition of an excise tax on repurchase of corporate stock—in this week’s Biden Tax Plan Update.

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Some progress has been made to meet the end-of-October internal deadline set by Democrats to pass legislation. The proposed tax increases for large corporations and the nation’s highest net worth individuals, however, remain a significant sticking point. Elena and Daniel discuss this and other developments in this week’s Biden Tax Plan Update.

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Progress on tax legislation has come to a grinding halt just as tax planning season officially begins. John, Daniel and Elena talk about the concessions being discussed to help the bill pass. They also share tax strategies to consider as you begin planning your return (such as credits, qualified business income and depreciation schedules) along with tax traps to avoid.

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John, Daniel and Elena discuss the $3 trillion price tag of the original proposed bill and the efforts to bring down the cost. They also detail a proposed requirement that banks report to the IRS all account transactions over $600—and the controversy such a measure brings.

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