TaxA 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. es 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 taxA 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. es to new individual and business tax creditA 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. s.
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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