DEMOCRATIC TAX PROPOSAL BREAKDOWN
UPDATED: NOV. 19, 2021
How Biden’s Build Back Better Act Could Impact Your Taxes
With President Biden’s “Build Back Better” act passing the House of Representatives and now on its way to the Senate, we are getting a better idea of where Democrats are headed with the budget reconciliation bill. On the tax front, the act includes several tax law changes that would impose higher taxes and fewer tax breaks on the wealthy while cutting taxes for others. While we do not know which – if any – of the changes will be enacted into law, you should take some time to familiarize yourself with the Build Back Better tax proposals to adequately prepare, no matter the outcome.
KJK’s Jennifer Hart breaks down the Democratic tax proposal in a chart showing what has changed since the version originally released in September and comparing current tax law with what Democrats are proposing to:
- Increases in Taxes Related to Estate Planning and Retirement
- Rate Changes and New Taxes
- Other Significant Changes