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:

American Rescue Plan ($1.9T)

March 11, 2021

Senate & White House

It was 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.

American Jobs Plan ($2.5T)

March 31, 2021

White House

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, manufacturing investment, research and development, and extending long-term health care services.

American Families Plan ($1.8T)

April 21, 2021
White House

Proposal released. The Biden administration’s larger economic recovery package, “Build Back Better,” includes the American Families Plan, one element of President Biden’s plan for economic recovery. This program aims to assist families in making ends meet and restore the middle class.

Agreement to Start Budget Resolution Outline Memo ($1.5T)

July 28, 2021

Politicians Only

Outline Released

Passed a $1.2T infrastructure package.

August 10, 2021

Senate

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

Passed the $3.5T budget resolution

August 11, 2021

Senate

Passed the budget resolution identical to the Senate

August 24, 2021

House

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

The memorandum outlining the $3.5T plan

September 15, 2021

House

Attempted to pass $1.2T bipartisan infrastructure bill

September 27, 2021

House

While negotiations continue on the larger $3.5T social safety net legislation, the vote was not taken to the floor.

Extending Government Funding and Delivering Emergency Assistance Act

September 30, 2021

White House

It was signed into law. The government avoided a shutdown poised for September 30, 2021.

Biden signs bill raising US debt limit

October 14, 2021

White House

Averting default.

House will vote on the $1.2T infrastructure package.

October 28, 2021

House

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

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

Passed the $1.2T infrastructure package

November 5, 2021

House

Along with a rule structuring an 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 and between the House and Senate before 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

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 »