Hot Topic Accounting

American Families Plan

Listen Later

Sources:  Bloomberg Article – “Biden unveils massive family aid plan funded by taxing wealth.”

Accounting Today – “Biden calls for raising taxes on capital gains and wealthy.”


$1.8 trillion bill - $1 trillion on spending & $800 million on tax cuts and credits

Spending:

  • Pre-K and community college becomes free NATIONALLY
  • Direct support to families for childcare
  • Finance Teacher training
  • The national family paid leave program
  • $80 million in funding to IRS to conduct tax audits


    • Tax Cuts & Credits:

    • Permanent Earned Income Tax Credit to childless adults under an income limitation
    • Expansion of child tax credit to 2025


      • End Goal: Tax Wealthy More

      • Corporate Tax Rate increases to 35%
      • Individual Tax Rate increases back to 39.6%
      • Capital Gains Tax Rate increases to 39.6% with over $1 million in earnings


        • “I will not impose any tax increases on people making less than $400,000 a year.”

        - President Joe Biden

        ...more
        View all episodesView all episodes
        Download on the App Store
        Hot Topic AccountingBy Darren & Luke Bowman
        • 5
        • 5
        • 5
        • 5
        • 5

        5

        1 ratings