{"id":27002,"date":"2022-01-11T08:49:23","date_gmt":"2022-01-11T08:49:23","guid":{"rendered":"https:\/\/c1mdevsite.com\/braunability.com\/tax-changes-and-the-build-back-better-bill-whats-ahead-in-2022\/"},"modified":"2022-01-11T08:49:23","modified_gmt":"2022-01-11T08:49:23","slug":"tax-changes-and-the-build-back-better-bill-whats-ahead-in-2022","status":"publish","type":"post","link":"https:\/\/c1mdevsite.com\/mdctraining.ca\/tax-changes-and-the-build-back-better-bill-whats-ahead-in-2022\/","title":{"rendered":"Tax Changes and the Build Back Better Bill \u2013 What\u2019s Ahead in 2022"},"content":{"rendered":"
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The last several months has been a time of confusion for both wealthy taxpayers and corporations, as the fate of U.S. President Joe Biden\u2019s $1.75 trillion climate and social spending package, known as the \u201cBuild Back Better\u201d bill, has undergone a rollercoaster ride of both support and defection.<\/p>\n

Earlier in 2021, many wealthy Americans started to plot out strategic moves to pay more in 2021 and hopefully avoid the impact of one of the biggest tax hikes in a generation, but with recent confusion and debates, the question remains whether this ongoing scrambling is necessary.<\/p>\n

What Does the Build Back Better Bill Mean for You? <\/strong><\/p>\n

After months of lengthy negotiations, the House passed the Build Back Better<\/em> bill in late November, with a fairly healthy margin of 220-213 that was mostly along party lines. However, as the bill makes its way to the Senate, (with upper-level lawmakers continually negotiating some of the bill\u2019s minor and major points), there has been some conflict that has bogged down the bill\u2019s progress.<\/p>\n

Since the Democrats have such a slim majority in the senate, they cannot afford any defections from their 50-member caucus, but it has become clear in the past several weeks that this could be a potential problem. Most notably, U.S. Senator Joe Manchin, a moderate Democrat from West Virginia, shocked his colleagues when he announced in a news interview that he would not support the spending package as is, leading to new theories that the bill might never come to fruition.<\/p>\n

However, despite the ongoing confusion and the bill\u2019s current hiatus \u2013 it has been pushed back to 2022 \u2013 wealthy individual taxpayers and corporations should not put their strategic 2021 tax moves on hold.<\/p>\n

In the past, Manchin has publicly stated that he does support increasing taxes on corporations and wealthy taxpayers, and reversing some of the 2017 tax cuts from the Trump administration, which he opposed at the time. In addition, the White House has said that it will continue to work to create a compromise and finalized bill, and even if the bill doesn\u2019t pass until later in 2022, some of the tax changes can go into effect retroactively, starting on January 1, 2022.<\/p>\n

Tax Changes to Expect <\/strong><\/p>\n

So, now is the time to plan for future tax hikes, because it seems very likely that some of the bill\u2019s increases will eventually go into effect soon. \u00a0Among these bill components, many experts and political strategists have attested that the current tax provisions which are essential in order to seal a deal among 136 countries to enact a 15% global corporate minimum tax are not currently controversial, and are likely to survive any future revisions.<\/p>\n

So, what other tax increases are in the bill that could affect corporations and wealthy Americans? Here\u2019s a brief sample of some of the biggest changes:<\/p>\n