President Biden’s American Families Plan, which was officially announced on April 28, 2021, has had a fluid narrative. While it may be too early to make updates to your existing financial plan regarding potential policy changes, we believe it is important to stay informed. This proposal will likely see several revisions before it becomes law which we do not expect to occur until the 2022 tax year. To illustrate some key differences in the current tax policy and President Biden’s proposal, please see the chart below from First Trust.
