10 March 2023 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) 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. Document ID: 2023-0449 |
