Tax Provisions in the Build Back Better Act
President Biden’s domestic legislative agenda, the Build Back Better Act, is a $1.75-trillion social spending agenda designed to expand the nation’s social safety net and help combat climate change. About $1 trillion of the act would be financed by higher taxes on top-earning Americans – and accordingly, the new legislation includes several important corporate and individual tax provisions. While many of the provisions are still being negotiated, the changes could still impact many California investors and start-up businesses.
Phil Jelsma, partner and chair of the tax practice team at CGS3, provides a convenient breakdown of the most important tax provisions in the new legislation and the potential consequences for taxpayers.