Tax Change Proposals Included in President’s Budget Plan

The President has released his proposed budget for FY 2022 and it contemplates significant tax changes. While any tax legislation that tries to incorporate these changes will be subject to the mud-wrestling spectacle that is “bipartisan negotiation”, there is a very high likelihood that the tax regime in 2022 will look different than it does today.

Our friends at The Tax Adviser have a brief summary of the proposed changes here: President’s budget contains many tax proposals (thetaxadviser.com)

If you’re a glutton for punishment, this is a link to the 114 page full text of the Treasury’s Green Book that explains the details of the proposal: General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals (treasury.gov)

Please note that no tax legislation incorporating these changes has been introduced, so these are not yet close to becoming a reality.

Reach out to Brendan at brendan@bmmscpa.com or Mollie at mollie@bmmscpa.com with any questions you may have.