In 2017, the Tax Cuts and Jobs Act pared back many corporate and personal taxes. Often incorrectly referred to as a product of Trump, but really a long-term Republican wish list, the measure faces criticism from Democrats of putting too much money into the pockets of too few.

Now a Democrat-led Congress is looking to push back on the changes, closing tax strategies for the wealthy and increasing corporate taxes. But in the face of Republican opposition in the Senate that could sink any measures outside of a reconciliation process and clear intra-party disagreement over strategy, what might happen is unclear.

"I think what we're going to see in this proposal is a lot of compromise," Jeff Bowden, tax principal at Anchin Block & Anchin, tells GlobeSt.com. "[Taxes are] going to go up. The question is how much it's going to go up and how we're going to get a compromise."