Tax implications of the American Jobs Plan has been saved
Tax implications of the American Jobs Plan
Part of the Tax News & Views podcast series
The Biden administration recently announced the American Jobs Plan, an investment in our nation that will boost the US economy, create millions of jobs, and overhaul the country’s infrastructure—but how will it be paid for? What are the corporate tax implications? In this latest episode, Deloitte tax leader Jon Traub takes a closer look at the details of the plan, its impact on corporate America, and some of the responses we’re seeing from Capitol Hill.
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Tax podcast: The American Jobs Plan
April 5, 2021
Biden’s massive infrastructure plan will raise taxes on corporations in several ways, and companies and tax leaders alike need to be in lockstep and prepared to absorb the impact of the tax overhaul. In this episode, Carrie Falkenhayn catches up with Deloitte Tax leader Jon Traub to discuss the Plan’s key tax components and reactions from Capitol Hill.
While both Republican and Democratic parties like the idea of paving roads and bridges and creating new bypasses, Congressional Republicans have pointed out that the inclusion of these tax increases will destroy the economic growth that we’re experiencing now and undo any benefit you get from these infrastructure plans. Not to mention that a lot more of the money is being spent on nontraditional infrastructure.
Jon also addresses the Plan’s impact on the Congressional budget resolutions and key actions coming out of Capitol Hill over the next few weeks that tax professionals should look out for, including the release of the American Family plans and the white paper on international tax reform from the Finance Committee’s chairman.
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