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June 16, 2021

Tracking the 2021 Biden Tax Plan and Federal Tax Proposals

Erica York
Tyler Parks
Alex Muresianu

Erica York, Tyler Parks, Alex Muresianu

Taxes are once again at the forefront of the public policy debate as legislators grapple with how to fund new infrastructure spending, among other priorities.

The Biden administration has proposed about $4 trillion of new federal spending over 10 years, partially funded with higher taxes on individuals and businesses, while prominent members of the House and Senate have put forth bills that include everything from increases in capital gains and corporate income taxes to new individual and business tax credits.

We’ve created the following tax tracker to help you stay up-to-date as new plans emerge from the Administration and Congress. Check back throughout 2021 for a snapshot of the current tax debate and explore our in-depth analysis of President Biden’s FY 2022 budget proposals to learn more about its economic and fiscal impact.

Launch Resource Center: President Biden’s Tax Proposals

Launch Resource Center: President Biden’s Tax Proposals

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About the Authors

Erica York

Senior Economist, Research Manager

Erica York is Senior Economist and Research Manager with Tax Foundation’s Center for Federal Tax Policy. Her analysis has been featured in The Wall Street Journal, The Washington Post, Politico, and other national and international media outlets. She previously worked as an auditor at a large community bank in Kansas and interned at Tax Foundation’s Center for State Tax Policy. Read more.

Tyler Parks

Manager of Government Relations

Tyler is Manager of Government Relations at the Tax Foundation, where he assists in communicating sound tax policy to members of Congress and staff. Prior to joining the Tax Foundation, he worked as staff assistant for Rep. Karen Handel (R-GA). Read more.

Alex Muresianu

Policy Analyst

Alex Muresianu is a Policy Analyst at the Tax Foundation, focused on federal tax policy. Previously working on the federal team as an intern in the summer of 2018 and as a research assistant in summer 2020. He attended Tufts University, graduating with a degree in economics and minors in finance and political science. Read more.

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A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.

A corporate income tax (CIT) is levied by federal and state governments on business profits. Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax.

A tax credit is a provision that reduces a taxpayer’s final tax bill, dollar-for-dollar. A tax credit differs from deductions and exemptions, which reduce taxable income, rather than the taxpayer’s tax bill directly.