Tax Season 2021

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2021 Tax Law Proposals Timeline

The Biden administration has introduced a series of tax proposals as part of the Build Back Better initiative to pay for new government programs such as education and infrastructure.

A couple of months into his term, President Joe Biden had made significant advances on the three key components of his Build Back Better initiative, all of which are mandated by notable changes in tax law.

This timeline describes the key components of Biden’s tax proposal and distinguishes those that have passed from those that are still pending:

March 11, 2021
Senate House & White House
American Rescue Plan ($1.9T)

Signed into law. The American Rescue Plan Act is a $1.9 trillion coronavirus rescue package that was designed to assist the United States in recovering economically from the COVID-19 pandemic. This economic recovery plan, which also comprises the American Jobs and American Families Plans, is one of the costliest in United States history.

March 31, 2021
White House
American Jobs Plan ($2.5T)

Proposal released. The American Jobs Plan is the second element of President Biden's "Build Back Better" plan, which focuses on improving and restoring the United States' physical infrastructure, manufacture investment, research and development, and extending long-term health care services.

April 28, 2021
White House
American Families Plan ($1.8T)

Proposal released. The Biden administration's larger economic recovery package, "Build Back Better" includes the American Families Plan, which is one element of President Biden's plan for economic recovery. The aim of this program is to assist families in making ends meet and restore the middle class.

July 28, 2021
Politicians Only
Agreement to Start Budget Resolution Outline Memo ($1.5T)

Outline released.

August 10, 2021
Senate
Passed a $1.2T infrastructure package.

Known as the Infrastructure Investment and Jobs Act. Moved to the House for a vote — pending.

August 11, 2021
Senate
Passed the $3.5T budget resolution
August 24, 2021
House
Passed the budget resolution identical to the Senate

Enabled the Senate Democrats to attempt to pass the $3.5 trillion bill by a simple majority using the budget reconciliation process.

September 15, 2021
House
The memorandum outlining the $3.5T plan
September 27, 2021
House
Attempted to pass $1.2T bipartisan infrastructure bill

While negotiations continue on the larger $3.5T social safety net legislation. Vote did not get taken to the floor.

September 30, 2021
White House
Extending Government Funding and Delivering Emergency Assistance Act

Signed into law. Government avoided a shutdown poised for Sept. 30, 2021.

October 14, 2021
White House
Biden signs bill raising US debt limit

Averting default.

October 28, 2021
House
House will vote on the $1.2T infrastructure package.

Speaker Nancy Pelosi announces the house will vote on the $1.2T infrastructure bill.

The bill is not brought to the floor after members of the Congressional Progressive Caucus indicate they will not support the package unless the Build Back Better plan is also passed.

November 5, 2021
House
Passed the $1.2T infrastructure package

Along with a rule structuring an as yet unscheduled debate on the Build Back Better plan (which has been cut from its original $3.5T price tag).

The infrastructure package will go to the White House for the President’s signature. The Build Back Better plan still appears to be subject to negotiations between elements of the Democratic Party in the House as well as between the House and Senate prior to any vote on final passage.

Do you need advice on how to reduce your tax payments for the coming year?

You are not alone! We are here for everyone in this tough economic time. Let’s work together to guide your way through the process of reducing or eliminating taxes so that more money can go towards running your company plus investing back into it.


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Related Updates

2021 Tax Law Proposals Timeline

November 16, 2021

The Biden administration has introduced a series of tax proposals as part of the Build Back Better initiative to pay for new government programs such as education and infrastructure.

Read More »