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May 14, 2021 | in Tax | Tax Preparation

American Families Plan

The White House released the American Families Plan, and during President Biden’s national address, he discussed the proposal. The plan includes the extension and expansion of the child tax credit, the earned income tax credit, the child and dependent care tax credit and ACA premium tax credits. The plan also contains tax increases including increasing the top individual tax bracket to 39.6%, increasing the capital gains rates for high income individuals and removing the like-kind exchange rule.

As Congress drafts and debates legislation, we’ll keep you informed of all the latest changes and specifics. 

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Tags: 2021, american families plan, capital gains, child dependent care tax credit, child tax credit, Earned Income Credit, high income, tax, tax brackets, tax credit, tax increase