For the first time since the administration of President Ronald Reagan, federal government tax policy is changing significantly. Tax cuts were in vogue for nearly four decades, but President Joseph Biden is planning on implementing higher federal taxes on corporations as well as high-income and high net-worth individuals in 2021.

As Congress debates the Biden administration proposal for a massive increase in federal infrastructure spending, which would require an increase in taxes and government borrowing, here are two key observations made yesterday at a professional education class, taught by independent economist, Fritz Meyer, which was attended by 190 independent tax, financial planning and investment advisors.