Proposed $6 Trillion Federal Budget Calls For Numerous Tax Changes
The Biden administration last week unveiled its proposed $6 trillion budget for fiscal year 2022 that would focus on infrastructure, clean energy, and research and development, among other areas. It also includes several proposed tax changes affecting individuals and corporations.
The updates to tax and revenue practices fall under two primary proposals: the American Families Plan and the American Jobs Plan. The American Families Plan, among its provisions, would increase taxes on high-income individuals and make permanent certain recent tax expansions, while the American Jobs Plan includes several corporate tax changes.
The Treasury has also released its General Explanations of the Administration’s FY2022 Revenue Proposals, which provide more information on the budget’s revenue proposals.
The Journal of Accountancy has a full run-down of the tax changes these plans would implement. For more information, click here.