read more  in the news: the impact of the biden administration's tax proposals by state and congressional district tax foundation: the tax proposals contained in the biden administration's fiscal year 2022 budget, including the american families plan (afp) and american jobs plan (ajp), would levy 2.3 trillion in new taxes on high-income earners and businesses and provide 998 billion in refundable tax credits to low- and middle-income households, for a net tax increase of 1.3 trillion (conventionally estimated over the budget window, 2022 to 2031). 