By Kyra Morris, contributing editor  |  Many  may be concerned about the changes in the new taxes under the $1.75 trillion Build Back Better Act, which is President Joe Biden’s signature social safety net and climate change bill.  It has received a procedural vote in the House and still needs a final vote before it heads back to the U.S. Senate.  

The analysis from the nonpartisan Congressional Budget Office indicating the ultimate cost of this bill will be a determining factor. This article reviews the proposals as of Nov 6, and may at least give us some guidance and potential planning ideas. 

Little change for many.  The first thing that needs to be remembered is that if your taxable income is below $450,000 for married filing jointly (MFJ) or $400,000 for single (S) taxpayers, the proposed new tax laws have very little changes.