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June 16, 2021

Tracking the 2021 Biden Tax Plan and Federal Tax Proposals

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

Banner image attribution: Adobe Stock, Sagittarius Pro

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.