Tax Bills for Rich Americans in Doubt With Biden’s Plan Adrift

A tax year that just months ago was set to end with a frantic scramble by wealthy Americans to complete moves averting the biggest tax increases in a generation is instead concluding with a cloud of confusion.

With President Joe Biden’s signature tax-and-spending bill bogged down in wrangling among congressional Democrats and punted until next year, tax advisers are at a loss for how to guide their rich clients. That’s after they for months had counselled individuals to be ready to post more income in 2021, before the tax changes took effect. Now, the shape of the overhaul and ...