The American Families Plan has been saved
The American Families Plan
Part of the Tax News & Views podcast series
President Biden has introduced the American Families Plan, a trillion-dollar economic package that invests in childcare, education, and other family programs. In this latest episode, we sit down with Deloitte Global Tax Policy leader Jonathan Traub to look at what’s included—and what’s not—in President Biden’s latest initiative and the tax implications for businesses and individuals for the near future.
Tax podcast: The American Families Plan
May 4, 2021
To pay for the American Families Plan, President Biden has proposed a stark tax reform that would affect corporations and wealthy Americans. In this latest episode, Deloitte Global Tax Policy leader Jonathan Traub breaks down the Plan’s tax provisions, which include higher corporate tax rates, exclusion of the capital gains tax, and an increase in reporting obligations for financial institutions, to name a few.
The Plan would require additional third-party reporting by banks of the income and outflows from accounts of small businesses, and compliance with the tax code increases almost exponentially if taxpayers know the IRS has a third party involved.
Jonathan also discusses additional proposals that may follow the American Families Plan and the President’s fiscal budget for 2022.
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