Tax planning

There’s no telling where the vast fortunes hide on tree-softened Phillips Avenue in Sioux Falls.

The party’s progressives and moderates disagree over which pieces of President Biden’s agenda to pay for — and how long to pay for them.

The average plan holds less than $29,000, which would pay for about half of a year at the average private university or a year or more at a public one.

The president has warned progressives that they will have to temper expectations for the final legislation.

Biden informed Democrats that a separate infrastructure bill would need to wait until the social welfare and tax package was complete.

House Speaker Nancy Pelosi is giving lawmakers until Halloween to strike a deal.

Manchin said any new programs should be means-tested and that the tax offsets should include elimination of the carried-interest provision that especially benefits private equity firms.

Waiting until after potential rate increases go into effect could lower values.

The prospects for specific tax changes in the Build Back Better Act appear murky right now, but there could be more clarity later this week.

The specific tax hikes remain to be detailed, as does any move to suspend or expand a $10,000 SALT cap.