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Among those offsets, the Act forsees $30 billion from strengthening tax reporting requirements and enforcement for cryptocurrency and $14 billion from reimposing Superfund excise tax on chemicals.
Other offsets include redirecting unspent pandemic emergency relief funds, various user fees, Medicare savings, an extension of interest rate smoothing options for defined benefit plans and projected revenue gains generated from the expected economic growth effects of infrastructure improvements.
Corporations and individuals should assess the potential effects of increased federal support for US infrastructure while also continuing to communicate with policy makers on the potential effects of President Biden’s tax increase proposals on their employees, job creation and investments in the United States.
The provisions signal that the drive toward a more sustainable economy powered by low-carbon alternatives—including wind, solar, hydropower and nuclear—is bipartisan and considered to be in the national interest.Learn more
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