Tax News Update    Email this document    Print this document  

March 10, 2023
2023-0449

Biden Administration’s budget proposes significant tax increases on businesses and high-net-worth individuals

In its Fiscal Year 2024 Greenbook, the Biden Administration highlights budget proposals intended to raise revenue in the coming year. Key proposals include: (1) increasing the corporate income tax rate from 21% to 28%; (2) effectively increasing the tax rate on income that US companies owe on foreign earnings to 21%; (3) increasing the stock buyback tax from 1% to 4%; (4) imposing a 25% minimum tax rate on households with wealth of at least $100m; (5) increasing the top capital-gains rate from 20% to 39.6%; (6) increasing the top personal income tax rate from 37% to 39.6%; (7) taxing carried interest; and (8) taxing like-kind exchanges. Tax Alerts on various revenue proposals are forthcoming.

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement