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Last night in his first address to a joint session of Congress, that was also televised to America, President Biden unveiled a $1.8 trillion spending proposal envisioned to further boost the economy while helping the lower and middle class. The American Families Plan (AFP) is his 3rd spending plan released in his first 100 days in office.
The first, the American Rescue Plan signed into law in March, was an emergency pandemic aid bill that mostly focused on direct financial infusions to individuals and state and local governments along with funding for the vaccine rollout and other healthcare provisions.
The second package, the American Jobs Plan (including the Made in America Tax Plan), released earlier in April during an appearance in Pittsburgh, is designed to invest in improving traditional physical infrastructure, broadband, R&D and other less non-traditional infrastructure such as home and community-based care for the elderly and disabled. These programs are to be funded through tax law changes targeted at corporations. A comprehensive bill is still being developed and negotiated. See our article from April 1 (Introduction to The American Jobs Plan and The Made in America Tax Plan) for further details.
The AFP is the 3rd plan released. Coupled with the American Jobs Plan, together these two spending and tax proposals are being promoted by the White House “as once-in-a-generation investments in our nation’s future.” A White House fact sheet notes so that to “grow the middle class, expand the benefits of economic growth to all Americans, and leave the United States more competitive, President Biden’s American Families Plan is designed to:
Additional details on each category above can be found in the White House fact sheet (see below for link).
President Biden proposes to pay for this increased federal spending by proposing changes in the current tax law affecting individuals. The proposed changes include:
Additional details can be found in the White House fact sheet.
It’s important to keep a sense of calm when considering this proposal. What are the chances of a tax hike in 2021? No one really knows. But some things to consider:
In the meantime, continue to stay tuned to Schneider Downs as we continue to monitor the proposals coming from Congress and develop insights and ideas for responding to proposed changes. If you have any questions or need additional insights about President Biden’s proposals and their impact on you or your business, please reach to your Schneider Downs advisor.
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