After a year in which America struggled through a pandemic and a contentious election, 2021 brought us President Biden in the White House and a (barely) Democrat-controlled Congress. With this power shift, Democrats introduced proposed legislation in Congress and President Biden echoed in his speech before the nation calling for dramatic increases in raising revenue through changes to the tax code. Some of these proposals aim to partly to undo some of the impacts resulting from the Tax Cuts and Jobs Act of 2017 while others seek to impose greater tax burdens on the wealthy to fund new programs for the underserved.
But how would these pieces of legislation impact you and your business if they pass?
On Thursday, May 27, 2021, Christopher T. L. Brown, principal of NorthStar Law Group, P.S., will discuss the similarities and differences in the Congressional bills and Biden’s tax agenda and the income, estate and gift tax consequences that could result for you and your business. In particular, he will talk about:
- Provisions in the “For The 99.5% Act” introduced by Sen. Bernie Sanders on March 25, 2021
- Legislation contained in the “STEO Act” introduced by Senator Chris Van Hollen on March 25, 2021
- President Biden’s income tax proposals in his “American Families Plan” presented on April 28, 2021
- Potential tax planning strategies to implement now and in the near future to mitigate the effects of these laws should they pass.
Join us at 3 p.m. Pacific on Thursday, May 27th to gain insight on these potential laws, learn possible tax saving techniques and ask questions you may have.