{"id":3422,"date":"2021-04-30T15:54:22","date_gmt":"2021-04-30T22:54:22","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=3422"},"modified":"2021-04-30T16:58:19","modified_gmt":"2021-04-30T23:58:19","slug":"biden-administration-tax-proposals-included-in-the-american-jobs-plan-and-american-families-plan","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/feusa\/biden-administration-tax-proposals-included-in-the-american-jobs-plan-and-american-families-plan\/","title":{"rendered":"Biden Administration Tax Proposals Included in the American Jobs Plan and American Families Plan"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;3.22&#8243;][et_pb_row _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Credit&#8221; _builder_version=&#8221;4.9.2&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;22px&#8221; link_option_url=&#8221;https:\/\/www.squirepattonboggs.com\/en\/locations\/washington-dc&#8221; link_option_url_new_window=&#8221;on&#8221;]<\/p>\n<h4 style=\"text-align: center;\"><em><strong>Thank you to Brandon Roman and the team at Squire Patton Boggs (US) LLP for this report.<\/strong><\/em><\/h4>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.9.3&#8243; text_font=&#8221;||||||||&#8221; text_font_size=&#8221;16px&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>The American Jobs Plan and American Families Plan together include a wide variety of changes to the Tax Code, building on the tax proposals included in the already-passed American Rescue Plan and proposing new tax changes targeted mostly at corporations and wealthy individuals.<\/h2>\n<h3>Below is a summary of the key tax provisions included in the American Jobs Plan and American Families Plan:<\/h3>\n<p><strong>American Jobs Plan:<\/strong><\/p>\n<ul>\n<li>Increase the corporate tax rate to 28 percent<\/li>\n<li>Increase to 21 percent the tax on Global Intangible Low Tax Income (GILTI), which will be calculated on a country-by-country basis and no longer exempt a 10 percent return on tangible investment abroad.<\/li>\n<li>Impose a 15 percent minimum tax on corporate book income for firms with more than $100 million in revenue.<\/li>\n<li>Repeal the Foreign-Derived Intangible Income (FDII) deduction.<\/li>\n<li>Provide a tax credit for certain domestic business activity and disallow deductions in certain instances when jobs are offshored.<\/li>\n<li>Eliminate tax incentives for the fossil fuel industry.<\/li>\n<\/ul>\n<p><strong>American Families Plan:<\/strong><\/p>\n<ul>\n<li>End the practice of \u201cstepping up\u201d the basis for gains in excess of $1 million ($2.5 million per couple when combined with existing real estate exemptions).\n<ul>\n<li>Gains will be taxed if the property is not donated to charity.<\/li>\n<li>Family-owned businesses and farms would not have to pay taxes when given to heirs who continue to run the business.<\/li>\n<\/ul>\n<\/li>\n<li>Increase the capital gains tax rate to 39.6 percent on households making over $1 million.<\/li>\n<li>Increase the top marginal tax rate to 39.6 percent for taxpayers earning more than $400,000.<\/li>\n<li>Permanently eliminate the ability to tax carried interest income as ordinary income instead of capital gains.<\/li>\n<li>Limit like-kind exchanges (LKEs), primarily used by real estate investors to defer capital gains taxes when they swap properties, by capping the benefit at $500,000.<\/li>\n<li>Extend the Child Tax Credit increases in the American Rescue Plan through 2025 and make the Child Tax Credit (CTC) permanently fully refundable.<\/li>\n<li>Make Permanent the Expanded Child and Dependent Care Tax Credit (CDCTC).<\/li>\n<li>Make Permanent the Expanded Earned Income Tax Credit (EITC) for childless workers.<\/li>\n<li>Extend expanded Affordable Care Act premiums tax credits in the American Rescue Plan.<\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;Credit&#8221; _builder_version=&#8221;4.9.2&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;22px&#8221; link_option_url=&#8221;https:\/\/www.squirepattonboggs.com\/en\/locations\/washington-dc&#8221; link_option_url_new_window=&#8221;on&#8221;]<\/p>\n<h4 style=\"text-align: center;\"><em><strong>Thank you to Brandon Roman and the team at Squire Patton Boggs (US) LLP for this report.<\/strong><\/em><\/h4>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;FEUSA Statement&#8221; _builder_version=&#8221;4.8.2&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; link_option_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/&#8221;]<\/p>\n<hr \/>\n<p><a href=\"https:\/\/familyenterpriseusa.com\/membership\/\">Family Enterprise USA<\/a> advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. <a href=\"https:\/\/familyenterpriseusa.com\/membership\/\">Family foundations can donate.<\/a><\/p>\n<hr \/>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/&#8221; button_text=&#8221;Are you an FEUSA Member?  If not, get in on the movement today!&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.9.3&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221;][\/et_pb_button][et_pb_video src=&#8221;https:\/\/www.youtube.com\/watch?v=Z15BqbFOYck&#8221; _builder_version=&#8221;4.9.3&#8243; _module_preset=&#8221;default&#8221;][\/et_pb_video][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thank you to Brandon Roman and the team at Squire Patton Boggs (US) LLP for this report.The American Jobs Plan and American Families Plan together include a wide variety of changes to the Tax Code, building on the tax proposals included in the already-passed American Rescue Plan and proposing new tax changes targeted mostly at [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[43,3,78,36],"tags":[],"class_list":["post-3422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-taxes","category-feusa","category-in-the-news","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/3422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3422"}],"version-history":[{"count":5,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/3422\/revisions"}],"predecessor-version":[{"id":3431,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/3422\/revisions\/3431"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/3424"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}