Forbes has published an article, “Retirement, Death Tax, Bank Reporting Provisions Stripped from Reconciliation Bill For Now”, which discusses the latest version of President Biden’s Build Back Better Plan. The article begins as follows:
What tax hikes are in the social policy and climate change bill that Democrats are trying to pass by year-end? It depends what day it is. The latest version, a revised $1.75 trillion Build Back Better Framework, released today by the White House, is a pared down version of the earlier $3.5 trillion plan. It’s not just a matter of what’s in but what’s out. Here are links to the White House memo and the October 28th legislative text.
On the spending side, it’s an expansive program. There’s still free preschool for all, subsidized child care and home care, clean energy incentives including a $12,500 tax credit if you buy certain electric cars, even coverage for hearing aids under Medicare. The enhanced child tax credit is extended for one year; and refundability—meaning you get the credit even if you don’t owe taxes—is made permanent. What’s missing? Paid family leave and free community college.
How will this be paid for? The White House framework continues to seek revenue to pay for the plan through a combination of corporate tax changes and by taxing the rich. The three major individual tax changes are:
Click here to see the full article: “Retirement, Death Tax, Bank Reporting Provisions Stripped from Reconciliation Bill For Now”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.
Wealth Strategies Journal 