President Biden released a fact sheet on his just proposed changes to the tax system early on April 28, 2021.
Warning! This is just a proposal by President Biden. As such it is short on details. This is not law and some or all of it will not become law. The following is for information purposes only and should not be acted upon until final law is passed.
We would expect final legislation, if any, to occur in the fourth quarter of this year. The political landscape is unique in 2021, with the expiration of the emergency debt ceiling suspension expiring at the end of July, 2021 and the razor thin Democratic control in the Senate which will in effect give every Senator effective veto power as they try to pass legislation through the budget reconciliation process.
Check out our summary of the tax provisions of this proposal.