{"id":26998,"date":"2021-11-16T15:58:18","date_gmt":"2021-11-16T15:58:18","guid":{"rendered":"https:\/\/c1mdevsite.com\/braunability.com\/biden-bill-and-the-changes-to-the-income-tax-code\/"},"modified":"2021-11-16T15:58:18","modified_gmt":"2021-11-16T15:58:18","slug":"biden-bill-and-the-changes-to-the-income-tax-code","status":"publish","type":"post","link":"https:\/\/c1mdevsite.com\/mdctraining.ca\/biden-bill-and-the-changes-to-the-income-tax-code\/","title":{"rendered":"Biden Bill and the Changes to the Income Tax Code"},"content":{"rendered":"
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The White House and Congress are about to make some big changes and the American tax code is about to be rewritten. As part of the Build Back Better agenda, Biden\u2019s tax proposals intend to fund new government investments in infrastructure, education, climate policy, and family programs.<\/p>\n

Biden\u2019s massive plan is still being discussed and reshaped by the Democrats, but although no new laws have yet been passed, at least some of the changes are very likely to become reality.<\/p>\n

The Ways and Means Committee, which writes tax legislation, will debate and mark up the bill in the coming weeks. In case of approval, the new revenue legislation includes critical tax reforms intended to make the wealthy and corporations pay more, depending on their income.<\/p>\n

Below you will find some important highlights on the main potential changes to help you understand how they could impact your income tax liability and what you can do to minimize exposure.<\/p>\n

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Will the Changes Affect You?<\/strong><\/p>\n

\u00a0<\/strong>The tax reform has been anticipated since the presidential election and its proposals predict changes in far-reaching tax laws, including income tax, FICA (Social Security) tax, and estate and gift taxation. Take a look at what the possible changes are and who it will affect:<\/p>\n