Biden Open to Options on Spending as Congress Takes Over Bloomberg 5/3/2021 © Bloomberg California Sets June 15 Target To Fully Reopen Its Economy
(Bloomberg) President Joe Biden’s $4 trillion vision of remaking the federal government’s role in the U.S. economy is now in the hands of Congress, where both parties see a higher chance of at least some compromise than for the administration’s pandemic-relief bill.
The president at this point is open to various possibilities to pass his proposals, including breaking them into multiple bills, according to a White House official speaking on condition of anonymity. While the “American Families Plan” that twins social spending with individual tax hikes is a non-starter for Republicans, parts of the infrastructure-focused “American Jobs Plan” have been embraced by the GOP.
Biden Open to Options on $4 Trillion Push as Congress Takes Over
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Biden Open to Options on $4 Trillion Push as Congress Takes Over
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âThe capital gains increase is not just for the consistently high, $1 million-a-year earner,â said Mallon FitzPatrick, head of financial planning at Robertson Stephens Wealth Management. âItâs impacting people who are depending on this money for retirement as well, from selling a business or from selling a home.â
The proposal also highlights the need to run the math before making any snap decisions. The decision to sell now or hold on to assets that are going to be taxed more heavily depends on when someone needs the money, said Pam Lucina, chief fiduciary officer and head of the trust and advisory practice at Northern Trust Wealth Management.