Infrastructure Agreement Announced
A weeks ago, I had a great time with Susan Roberts, Carey Heymen, and Jen Rohen on the CLA Livestream. We discussed President Biden’s recent tax proposals and ways you can stay flexible while tax planning. You can watch a replay of the livestream here.
As we discussed in the livestream, the infrastructure bill was going to be fluid. Over the last few weeks, a group of bipartisan Senators have been working with the White House to come to a bipartisan agreement. It was announced yesterday that they have come to a deal with the White House. The deal is reported to be up to $1 trillion which would be spent on traditional infrastructure items. There were no new taxes reported that would be used to pay for the bill, instead some funding options were reducing the IRS tax gap, redirecting unused federal unemployment money, and prematurely ending other COVID relief measures.
Since the announcement there has been a lot of talk that the bipartisan infrastructure deal would not pass without a second budget reconciliation deal. This has both Democrats and Republicans acknowledging the road ahead will be challenging.
We’ll keep you updated as things progress.
Andy is a CPA and trusted advisor with 15 years of experience providing tax, accounting, assurance, and consulting services to transportation industry owners and operators. He is a tax principal with CLA in the Minneapolis, MN office. He also consults with high net worth individuals and owners of closely-held transportation businesses on all aspects of tax planning, estate planning, and retirement planning. Andy is also the tax leader for transportation industry across CLA.
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