Holland & Knight Alert: Biden Administration’s FY 2022 Budget and Its Tax Increases for Corporations, Wealthy (June 3, 2021)

Alan Granwell, Joshua Odintz, Andrea Darling de Cortes, Lawrence Kemm, Sean Tevel, and William Sharp of Holland & Knight LLP, have made available for download their article, “Biden Administration’s FY 2022 Budget and Its Tax Increases for Corporations, Wealthy” published as a Holland & Knight Alert. The abstract is as follows:

By way of background, the budget that the president submits to Congress contains estimates of federal government income and spending for the upcoming fiscal year and also recommends funding levels for the federal government. Congress then considers and passes appropriation bills. If Congress does not pass all appropriation measures by the start of the fiscal year (October 1), it has to enact a continuing resolution to keep the government running. The committees of jurisdiction are responsible for considering revenue proposals and any changes to the Internal Revenue Code.

As relevant to this discussion, the Biden Administration fiscal year (FY) 2022 budget incorporates the administration’s American Jobs Plan infrastructure proposal (and accompanying Made in America Tax Plan) and its American Families Plan and adds details on the Administration’s request for annual operating expenditures for government agencies. It focuses on wealth redistribution and not growth. (See Holland & Knight’s previous alerts, “Biden Administration’s Made in America Tax Plan: Procedural Aspects,” April 8, 2021; “Biden Administration’s Made in America Tax Plan: Interaction with OECD Inclusive Framework,” April 15, 2021; and “Biden’s American Families Plan Proposes Income Tax Hikes,” April 29, 2021.)

To view and download the article, click here: “Biden Administration’s FY 2022 Budget and Its Tax Increases for Corporations, Wealthy.”

Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.

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