While spending focuses on infrastructure, clean energy, etc., it includes a host of proposed tax changes affecting individuals and corporations. So planning steps you take now to avoid costly tax changes, might themselves trigger tax costs. Some of the proposals include:Higher Tax Rates: The top income tax rates will be bumped up from 37% to 39.6%. For income tax purposes it may be possible to rescind a transaction during the same tax year if trip up over the effective date. Business Tax IncreasesThe American Jobs Plan proposes several corporate tax changes including the increase corporate income tax rate to 28% from its current 21%.

Source: Forbes May 28, 2021 23:15 UTC