A change in course has been saved
Perspectives
A change in course
Tax implications of the Joe Biden presidency
More than two months after the nation went to the polls on Election Day, questions around who will control the levers of power in the White House and on Capitol Hill are finally settled: Joe Biden will become the 46th president of the United States and will be working with a Democratic House and Senate. This updated version of "A change in course: Tax policy implications of the Joe Biden presidency" reviews the tax policy agenda that President-elect Biden laid out on the campaign trail and provides an expanded discussion of how the makeup of the new Congress and the priorities of key decision-makers at the leadership level and on the two taxwriting committees may shape his tax agenda.
Tax implications of the Joe Biden presidency
Joe Biden campaigned on the premise that the benefits of the 2017 Tax Cuts and Jobs Act are skewed to large corporations and wealthy individuals. To address that perceived imbalance, he proposes to increase top income tax rates, limit or eliminate various incentives currently available to these taxpayers, and use the resulting revenue to pay for middle-class tax relief and spending priorities.
The fact that he will be working with a Democratic Congress potentially clears a path to enacting some level of tax increases. However, while tax hikes for some taxpayers may be on the table, there are a number of factors likely to affect the shape, breadth, and timing of any legislative proposals that move through the House and Senate.
Find out more about Biden’s proposals and the economic and political factors that could influence what he can get enacted into law.
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