On a to be determined date, President Biden plans to present his Build Back Better plan on his first joint session of Congress. The plan calls for massive spending on the nation's infrastructure on the order of trillions. The plan involves infrastructure, clean energy, manufacturing, research and development, and training.

Not only that, it's now more difficult to build wealth. Thank to Senators Cory Booker (D-NJ), Chris Van Hollen (D-MD), Bernie Sanders (I-VT), Sheldon Whitehouse (D-RI) and Elizabeth Warren (D-MA) who have announced a bill designed to close the stepped up basis tax condition. The proposed bill could make an inheritor liable for taxes on all of the gains, including the ones that accrued before they took ownership.

Jake Mammal and Oliver Cuttle discuss the Biden administration's proposed mileage tax, infrastructure bill, high thoughts, even more high thoughts, and much more.

thatonetime.xyz

Article Referenced:

Stepped Up Basis Reform: Biden’s Middle-Class Tax Hike?

https://www.forbes.com/advisor/investing/stepped-up-basis-biden-tax-plan/