Potential Tax Law Changes Under the Biden Administration

February 24, 2021 Estate PlanningFor Business

The President has proposed many changes to income (individual and corporate) and transfer (estate and gift) taxes.  Biden has expressed general support for repeal of the Tax Cuts and Jobs Act of 2017 (TCJA), but he hasn’t specified exactly what he means by this support. For purposes of this discussion, we will take a look at the Democratic proposals that, if implemented, are most likely to have an adverse impact on our clients.