“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” — Benjamin Franklin, in a letter to Jean-Baptiste Le Roy, 1789.
Thankfully, after more than a year with innumerable challenges, it appears that the pandemic will end. From an economic perspective, the government acted boldly to support households and businesses through the crisis with monetary and fiscal stimulus. Now, just as the recovery has commenced, after a four-year pause we are at the beginnings of another tax debate.
In this column, my aim is to provide you with some of the context for this debate with respect to the state of the U.S. federal budget, particularly on the revenue side, and of overviews of the 2017 Tax Cuts and Jobs Act (TCJA) and President Biden’s tax plans and the two 2021 proposals: The American Jobs Plan and The American Families Plan.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.