Publications & Presentations
July 26, 2021

Impact of President Biden's Tax Plan on Estate Planning

With Democratic control of the White House and Congress, there has been much speculation on what President Biden’s tax proposal will look like, as well as the likelihood that President Biden’s tax plan will be enacted into law. In April 2021, the Biden Administration announced the American Families Plan, which proposed significant tax law changes to increase taxes on both corporations and high-net-worth individuals and to provide more resources to enhance IRS tax enforcement efforts. On May 28, 2021, the United States Department of Treasury issued a report entitled “General Explanation of the Administration’s Fiscal 2022 Revenue Proposals” (generally referred to as the Green Book) which included more details on the tax law changes previously proposed in the American Families Plan. The purpose of this memorandum is to provide a brief overview of some of these proposed changes and to focus on how those potential changes may impact estate planning.