Before the 2020 election, President Biden made numerous campaign promises, including several tax proposals. Although many Americans worried that major changes would come, the biggest roadblock now becomes the expiration of the Tax Cuts and Jobs Act of 2017. Now more than ever, it is essential to start planning for any action (or inaction) from Congress. The proposed changes included increasing the individual and corporate tax rates, eliminating the Qualified Business Income (QBI) deduction, 1031 exchanges, inherited assets “step-up” in basis, carried interest loophole, as well as capping deductions. 

Also, potentially new tax credits could be introduced for children, caregivers, and the purchase of long-term care insurance. In this webinar, attendees will learn what those proposals look like, discuss which ones passed, review those still in consideration, and find out which will most likely never become enacted. 

Learning Objectives:

• Summarize the Tax Cuts and Jobs Act, American Jobs Plan, American Families Plan, Build Back Better, and Inflation Reduction Act 


• List possible changes including increasing the individual and corporate tax rate, eliminating QBI deduction, capping tax deductions, increasing child tax credits, individual tax rates, and Social Security payroll taxes


• Outline planning opportunities including charitable planning, defined benefit (pension) plans, Roth contributions or conversions, annuities for tax deferral, and life insurance for state or federal estate tax purposes