More taxes in 2021? Will Biden’s plan help or hurt you?

Let the debate and prediction begin.

President Biden’s administration has outlined a tax policy built upon the agenda introduced during his campaign. Biden’s tax plan focuses on raising taxes on corporations and affluent households, while increasing credits for moderate- to lower-income households. With Democratic control of Congress, changes outlined in President Biden’s tax plan have an increased possibility of becoming a reality.

At what time, in what form, and to what extent remains to be seen.  Taxes in 2021?  Maybe. Maybe no. However, another round of tax law change appears on the horizon.

Having adapted to frequent, and sometimes major, legislative changes in recent years (namely the TCJA, the SECURE Act, the CARES Act, and most recently, the American Rescue Plan Act), you may be understandably concerned about what changes could be imminent. High-income households, in particular, have been targeted for tax increases under Biden’s tax plan. While recommendations may be premature, it is important to proactively plan regarding potential future tax law changes.

By familiarizing yourselves with President Biden’s tax plan now, you will be positioned to take action and seize planning opportunities when changes are implemented.

We have created two checklists to guide you regarding the highlights of President Biden’s tax plan.  (no email required to download)

Click the links below to download the free resources

As a high earner, will Biden’s tax plan help or hurt me?

How-Might-President-Bidens-Tax-Plan-Affect-Me-2021

If you need more information on how these plans affect you, please click here to email us directly to discuss your personal tax assessment.

We know taxes are an extremely sensitive subject, prone to a variety of strong opinions. Let’s do work together to eliminate any guessing.  If you have any questions large or small, never hesitate to reach out to us.

The Mission Point Team

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* Source: Pew Research Center
† Source: “Quantitative Analysis of Investor Behavior, 2014” Dalbar Inc. Most recent data available. An index is un-managed and one cannot invest directly into an index.

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