Understand the changes you need to know, in minutes.
A new administration almost always means changes to the tax code, and Biden is no exception.
To view the report, scroll down.
The biggest changes:
- Higher taxes for high earners, bigger breaks for lower incomes. The top bracket of the individual federal income tax rate is rising from 37% to 39.6% and expanding to include anyone making more than $400K. Meanwhile, taxes aren’t changing for individuals making $400K or less, while new credits and deductions are being added for lower- and middle-income individuals and families.
- Corporate tax hike. President Biden plans to raise the corporate tax rate from 21% to 28% and institute policies that prevent corporations from paying zero taxes.
- Made in America. The plan includes a number of provisions that reward businesses that bring jobs back to the U.S. and/or create new American jobs—and punish those that move overseas.
- Benefits for families. The maximum child/dependent tax credit will be raised from $3,000 to $8,000, and informal caregivers (including family members) will receive a $5,000 tax credit for medical care.
- Going all-in on green energy. The Biden Administration plans to end all tax benefits for the fossil fuel industry, while expanding incentives for renewable energy.

U.S. Individual Taxes
- Individual Rates
- Capital Gain Rates and Investments
- Wealth Tax
- Child Incentives
- Credits and Deductions
- Student Loans/Education

U.S. Business Taxes
- Corporate Tax Rates
- Carbon Tax
- Community Development
- Credits & Incentives
- Fossil Fuels
- Depreciation
- Manufacturing
- Qualified Business Income Deduction
- Renewable Energy

Estate Taxes

Financial Instruments and Transactions

Real Estate

Tax Enforcement

Compensation and Benefits

International Business Taxes

Pete Zich
Principal, Tax Department
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Andrew Schmidt
Manager, Tax Department
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Cindy Ringlein
Manager, Tax Department
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