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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:
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.
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.
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.
Known as the Infrastructure Investment and Jobs Act. Moved to the House for a vote — pending.
Enabled the Senate Democrats to attempt to pass the $3.5 trillion bill by a simple majority using the budget reconciliation process.
While negotiations continue on the larger $3.5T social safety net legislation. Vote did not get taken to the floor.
Signed into law. Government avoided a shutdown poised for Sept. 30, 2021.
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.
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.
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