Archive for American Families Plan

President Biden American Families Plan Calls For Extending This Tax Relief For Years And Years And Reversing President Trumps Tax Cuts

Biden Administration Tax Increases

The new Child Tax Credit enacted in the American Rescue Plan is only for 2021. That is why President Biden strongly believes that we should extend the new Child Tax Credit for years and years to come. That’s what he proposes in his American Families Plan.

White House American Families Plan

Right now, too many Americans are struggling to meet basic needs and cover basic expenses. An economy that fails so many of us is not only unfair, it’s unsustainable. The American Families Plan is a once-in-a-generation investment in the foundations of middle-class prosperity – education, health care, and child care. It recognizes that policies to make life easier for American families must focus on bringing everyone along: inclusive of gender, race, or place of residence – urban, suburban, or rural. Beyond helping American families meet the needs of today, this plan powers the innovation and growth of tomorrow.

Here’s what the American Families Plan will do:

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Biden’s ‘Death Tax’ Will Harm Middle-Class Families Making Far Less Than $400K A Year

Biden's 'Death Tax' Will Harm Middle-Class Families Making Far Less Than $400K A Year

TaxConnections thanks the Westerm Journal for their permission to post this article written by Eric Nanneman.

For many moderate Americans who were afraid of voting for a traditional tax-and-spend Democrat, this assurance may have tipped the balance to win their vote.

But as Biden unveiled his American Families Plan — which promises two years of free community college education, 12 weeks of paid family and medical leave, expanded unemployment benefits and more — there was an ugly truth hidden near the bottom.

Death Tax’ Greatly Expanded

Currently, the estate tax exemption stands at $11.7 million, meaning that when an owner of an estate passes away, the heirs are only taxed on the amount exceeding $11.7 million, or $23.4 million for couples. So, if an unmarried son inherits a $20 million estate, he would pay taxes on $8.3 million.

Biden’s drastic plan cuts the $11.7 million exemption all the way down to $1 million.

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