President Biden releases 2024 proposed budget
March 17, 2023
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.