After months of negotiations between moderate and progressive Democrats, on November 2, 2021, Congress released the latest version of the Build Back Better Act for the $1.75 trillion social and climate spending bill.
President Biden and Democrats in Congress have been working on a $3.5 trillion spending and tax package, and the details are starting to be revealed. On September 15th, the House Ways and Means Committee voted to approve tax provisions to be included in the Build Back Better Act.
House Democrats have circulated initial proposals around tax policy changes that they want to include within the Build Back America Act, the massive tax-and-spending budget reconciliation bill that party leaders hope to move through the chamber in the coming weeks. Many of the proposals within the bill are what was expected in one form or another, but there are a few new wrinkles.
In general, estate planning is not what people wake up and want to chat about. However, this year there is plenty of news around the changes to tax policy that should be motivating you to start the dialogue and/or get educated on how the changes may impact you and your family.
A key focus of President Biden’s address to Congress last night was his proposed “American Families Plan.” Among many things, the plan includes new spending on what the administration describes as “human infrastructure” priorities.