How Biden’s Rescue Plan Might Impact Your Taxes
Dennis T. Harabin CPA
Tax Credit Expert - Helping People To Retain More Of What They Earn .
Article Highlights:
President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis. While some of the proposals are intended to be in effect for just one year, it isn’t too great a stretch of the imagination that these could later be extended or made permanent, as many of them have been on the Democrats’ agenda for some time. The anticipated cost of the American Rescue Plan, if all of the proposals are agreed to by Congress, is $1.9 trillion. None of Biden’s proposals are revenue raisers, and according to a January 15, 2021 Wall Street Journal report, he intends to use government borrowing to pay for his plan. Following are some of the tax-related proposals.
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Article addresses in Detail :
- Economic Impact Payments
- Unemployment Compensation
- Minimum Wage
- Education Assistance
- Families First Coronavirus Response Act
- Child Care Tax Credit
- Child Tax Credit
- Earned Income Tax Credit
- Healthcare Coverage
- Evictions & Foreclosures
- Homelessness
CERTIFIED FINANCIAL PLANNER? at Comprehensive Planning Concepts
3 年Unfortunately they have to go up, otherwise the math simply doesn't add up. I believe that the impacted segments of taxpayers will be higher than they claim. Tax consultation both personal and through your financial plan is critical.
Tax Credit Expert - Helping People To Retain More Of What They Earn .
3 年Richard F. Micliz, CFP? What are you thoughts?