President Biden releases 2024 proposed budget

President Biden has released his 2024 proposed budget, and it includes about $5 trillion in tax increases on the wealthy and corporations to help offset the deficit and shore up Medicare. The top 0.01% would pay a minimum 25% tax and the top marginal rate would rise from 37% to 39.6% for taxpayers with annual income exceeding $400,000 ($450,000 for married couples filing jointly). The top capital gains tax would jump from 20% to 39.6% for people making more than $1 million. The proposals also close the carried interest loophole and raise the stock buyback tax to 4%. Lower-income taxpayers would generally benefit from an expanded Child Tax Credit.

For more details on the proposed budget, click here or reach out to our team who is keeping an eye on the latest updates.