At the end of April, the Biden Administration introduced the American Families Plan (AFP), comprehensive legislation that calls for an investment of $1.8T through grants and tax credits for family and educational programs. As part of President Biden’s larger economic recovery package, it proposes universal preschool, two years of free community college, paid medical leave, an extension of the Child Tax Credit, Earned Income Credit, and the Child and Dependent Care Credit. In other words, the AFP is designed to focus on education, family support, and workforce support to enable the economy to be rebuilt from the bottom up. Funding for the plan will be generated through a series of tax increases, changes, and reforms targeting the top-earning individuals and families. Although the AFP is likely to change as it progresses through Congress, it does provide important insights into which reforms made be forthcoming. To help clients, prospects, and others, Wilson Lewis has provided a summary of the proposed tax changes below.
Proposed Tax Increases
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It is clear from the details presented in the American Families Plan that many tax reform changes made in the TCJA will be reversed. While the AFP has not yet passed Congress, it does provide important details about how taxes may be changing in the coming months. If you have questions about the information outlined above or need assistance with an accounting or tax issue, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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