The White House and Democrats are reworking key aspects of President Joe Biden’s $2 trillion domestic policy plan, trimming the social services and climate change programs and rethinking new taxes on corporations and the wealthy to pay for a scaled-back package.

While the plan is still in negotiations and changes to the legislation are likely, many of the proposed changes to the Internal Revenue Code not only would directly impact gift and estate tax planning but also owners of family businesses and their goals of transferring those businesses to beneficiaries.

Jeff Powell and Jeremy Witbeck discuss the proposal and the possible wide-ranging impacts it could have on investors and business owners alike.