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The Biden Administration and the Democratic controlled Congress is rolling out a robust spending plan that will provide benefits and burdens for the defense and government contract community. This article provides a road map that will assist in providing permissibly selective benefits for the qualifying government contractors and employees.
The Administration plans reflect that government contracts and grants will play a key role in its economic and domestic agendas, pandemic response, and proposals for global economic and technology leadership. Before making the news by signing an Executive Order requiring that all federal contractors receive the COVID-19 vaccine in September, Biden released a series of plans and proposals to address infrastructure challenges. The plans rely heavily on federal investments implemented through government contracting and grants to achieve their goals and objectives. These plans offer a roadmap to the future Biden administration's policy priorities and potential actions. During the election cycle, Biden announced his broad "Buy American" plan in a July 2020 speech in Pennsylvania, calling for $400 billion in new government procurement "to modernize our infrastructure, replenish our critical stockpiles and enhance national security," and $300 billion in new research and development "to sharpen America's competitive edge in new industries." (See, https://joebiden.com/made-in-america.) "American manufacturing was the 'arsenal of democracy' in World War II," Biden said, "and has to be part of the engine of new prosperity in America now." Following the election, Biden reiterated his broad economic plans, signing an "Executive Order on Ensuring the Future Is Made in All of America by All of America's Workers." Buy American proposals are central to his plan to invest in American products, services and supply chains. Biden's plan for a national commitment to Buy American says he will:
Biden proposed a series of executive actions to strengthen Buy American principles. These executive actions would:
Buy American principles were a notable aspect of Trump's 2016 and 2020 campaigns, and a subject of executive actions by his administration. The Trump administration increased agency attention to the Buy American Act, and this renewed government focus will continue to increase under the Biden administration.
In an attempt to raise revenues and simplify the tax code, the House Ways and Means Committee has proposed a draft tax reform plan containing sweeping changes to the Internal Revenue Code, including a number of major executive compensation and benefits changes — most significantly the increase in corporate and individual income taxes and rolling pack the estate tax exemptions. The revenue-raising nature of many of the proposed compensation and benefits changes could be attractive to Congress. With these tools on the table, the field of executive compensation is open up to changes that will affect every government contractor with existing plans and looking to create new solutions. Benefit and tax advisers should take this opportunity to review their clients' current plans and take immediate steps to not only keep the program qualified but to also provide added benefits to the client.
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