Now that Joe Biden has taken the reins as commander in chief

During his first year as president, Donald Trump instituted the Tax Cuts and Jobs Act of 2017 — one of the most sweeping revisions to the Internal Revenue Code in more than 30 years.

The biggest changes for individuals under the updated tax code were increases to standard deductions and decreases to tax rates, which benefitted low- and mid-income Americans a little, and high-income Americans a lot.

Now that Joe Biden has taken the reins as commander in chief, more tax changes are on his to-do list — and they could impact how much tax you’ll pay in the near future.

With Democrats currently controlling both the Senate and the House, President Biden’s proposed tax revisions will have a solid chance of squeezing through even with staunch opposition from Republicans.

Here’s a breakdown of how President Biden’s tax plans could affect you.

How Joe Biden plans to raise — or lower — your taxes

A number of the president’s proposed tax changes will help to enhance or expand upon existing tax credits for low- and middle-income Americans.

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