The House narrowly passed the centerpiece of President Biden’s domestic agenda on Friday, approving $2.2 trillion in spending over the next decade – the aims to finance more than half of it from tax reforms aimed at wealthy Americans. The plan would raise revenue by levying a tax surcharge on those making more than $10 million a year, raising taxes for some high-income earners and strengthening IRS tax enforcements.
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In today’s blog we focus on the ongoing U.S. Senate Race and the impact it has on the implementation of President-elect Joe Biden’s proposed tax policies. We also identify the most and least likely tax policies to be enacted and discuss timing of these potential changes.
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At the end of 2017 President Donald Trump approved “The Tax Cuts and Jobs Act of 2017 (TCJA)” which went into effect this year. There are new provisions that have a dramatic effect on your MLB Signing Bonus and now require more proactive planning than ever before.
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As you know, tax reform is being hotly debated in Congress right now. Both the House and Senate have passed versions of a tax bill and efforts to reconcile them are underway. There are provisions that have a dramatic effect on professional athletes and require proactive planning before the end of the year. Failure to address this by the end of the year could result in a permanent loss of tax savings on these deductions.
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