President Biden Unveils $2 Trillion American Jobs Plan, Made in America Tax Plan

On March 31, President Joe Biden announced the details of the American Jobs Plan, a $2 trillion infrastructure proposal over 8 years, which includes $100 billion for schools and $12 billion for community colleges. The plan also provides $621 billion in transportation infrastructure, $100 billion for broadband, $25 billion for childcare, $180 billion for research and development (R&D) funding, and $100 billion for workforce development among other provisions.

Visit the White House fact sheet for more information on the American Jobs Plan.



To help cover the cost of the package, the President released a Made in America Tax Plan that includes a proposal to increase the corporate tax rate to 28 percent. The plan does not include any increases individual tax rates. President Biden is expected to introduce his American Families Plan in the next few weeks, a proposal that is expected to include increased tax rates for high-income taxpayers. CASE is working closely with the Charitable Giving Coalition to signal our opposition to any proposal that would limit the charitable deduction, including a proposal that would cap itemized deductions, including the charitable deduction, at 28 percent.

Subscribe to the CASE Advocacy Network for the latest news and developments as Congress considers the American Jobs Plan, Made in America Tax Plan, and American Families Plan in the coming weeks.

 

President's FY22 Preliminary Budget Proposal Includes 16 Percent Increase in Domestic Spending

President Biden unveiled his budget spending plan for fiscal year 2022 on April 9, 2021, outlining $1.5 trillion in federal discretionary funding. The budget request proposes $769 billion in non-defense discretionary funding, a 16 percent increase in domestic spending from fiscal year 2021, and $753 billion for national defense, a 1.7 percent increase.

While the budget request outlines key administration priorities, Congress will ultimately determine how much to allocate to federal agencies for the upcoming fiscal year beginning on October 1.

The President’s full FY22 budget is not expected to be released until later this month. In the meantime, visit a summary of the President’s discretionary funding request for key highlights.

Participate in CASE’s New Section 117 Foreign Gifts Survey

Lawmakers are considering legislative proposals that would lower the foreign gift reporting threshold for U.S. colleges and universities from $250,000 to $50,000.

Section 117 of the Higher Education Act requires U.S. colleges and universities that receive charitable gifts from a foreign source, the value of which is $250,000 or more within a calendar year, to file a disclosure report with the U.S. Department of Education (Department) twice a year.

To address concerns about foreign influence, lawmakers are considering a number of proposals that would lower the reporting threshold. During the previous Congress, a bipartisan group of Senators introduced legislation that would have lowered the foreign gift reporting threshold and give the Department authority to fine institutions that fail to properly report these gifts. This legislation was not enacted.

CASE is working to gather data to demonstrate how lowering the reporting threshold will require a significant number of additional U.S. colleges and universities to file reports. Please complete this brief survey to share roughly how many gifts you reported in 2020 with the $250,000 threshold versus what the number would have been with a $50,000 threshold. Any data provided will remain anonymous.

As new developments arise, visit CASE’s foreign gift reporting webpage for more background on Section 117, the foreign gift disclosure requirement, and other resources.