The American Rescue Act

Tax podcast: The American Rescue Act

March 10, 2021

The American Rescue Plan has emerged from the Hill as President Biden’s first big win, and while the stimulus payouts are leading the headlines, tax leaders and businesses are looking more closely at the tax provisions coming out of this new bill and how they will impact filing and reporting. 

In this latest episode, we catch up with Jon Traub, a Deloitte Tax leader with years of experience on Capitol Hill developing legislative policies, to break down and explain the main tax provisions in this bill, from expansions to the COVID-19 employee tax credit, to new tax exemptions for businesses that have been severely financially impacted by the pandemic:

One thing to point out is that Congress expanded the number of employees for whom executive compensation limits are applicable under Section 162m. Also, the excess business laws rules were extended by another year, offsetting the cost of providing a tax exemption for certain unemployment benefits.

—Jon Traub

Jon also discusses the Democrats’ broader tax agenda, plans for future reconciliation bills, and if we’re going to see future stimulus payments.

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