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Thursday morning President Biden released a Build Back Better framework and fact sheet outlining his social spending plan. The situation is still very fluid and it’s unknown if the centrists who have opposed previous spending and tax plans will support this version. Items of interest to NAIFA members include:

  • Grantor Trusts – while absent from the documents, it could still be in play. (See Ways & Means letter sent this morning)
  • Net Investment Tax – expands the 3.8% Medicare net investment tax
  • ACA tax Credits – extends ACA premium tax credits
  • Medicare Hearing – expands Medicare to include a hearing benefit
  • IRS Investments – unclear if this includes the IRS reporting proposal
  • Millionaires Surtax – new surtax on income (unclear what is included as income)
Absent from the document:
  • Retirement Provisions
  • Paid Leave
  • Grantor trusts
  • 199A Changes
  • Estate Tax Exemptions
  • Corporate tax rate

     

Legislative language is still evolving , but here’s the latest draft.   

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