How a Biden Administration Will Affect the Tax Liabilities of High Net-Worth Individuals and Their Businesses
Ahead of the Curve: A Biden Tax Landscape Outlook
With the Presidential and Congressional elections looming, democratic presidential candidate Joe Biden (“Biden”) proposed new tax legislation (the “Biden Plan”) that significantly changes key areas of the Tax Cuts and Jobs Act of 2017 (“TCJA”). However, any specific details regarding his strategy towards the implementation of the proposed changes are not yet clear.
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The potential for any part of the Biden Plan to make it into the Internal Revenue Code will depend in large part on the balance of power in Congress. However, if everything goes according to his “plan,” new legislation inspired by the Biden Plan could kick-in as early as January 2021 when the new Congress is expected to convene. Even if legislation is not passed during January 2021, and it’s passed at a later date, Congress may enact the new tax legislation retroactively to January 2021. A&M Taxand does not express any opinion or predictions on the election results, nor is it certain in any way that the Biden Plan, or other legislative tax measures, may be introduced in 2021 or later. Nevertheless, knowing the proposals on the table and understanding their consequences, may be critical to all taxpayers considering year-end planning after the election is settled.
In this paper A&M Taxand’s Vicky Castro, Kenneth Dettman, and Juan Carlos Ferrucho, as well as Michael Eagan and Tyler Horton provide a summary of the key proposals within the Biden Plan for individuals, estates, and businesses to consider in connection with the upcoming election.
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