While the biggest tax news so far in 2022 has been the release in early April of President Joe Biden’s new spending and tax proposals as part of his 2023 budget, other tax-related bills — including a couple that deal with the estate tax — are also wending their way through Congress now.
Jeff Bush of The Washington Update said in a recent email note that there’s “talk in Congress of moving a tax bill before the fall [midterm] elections.”
Bush noted that there are three tax plans under consideration by lawmakers.
Biden’s “billionaire tax,” despite its name, would apply to taxpayers with over $100 million in assets, Bush wrote in a recent email note.
Biden’s plan “would impose a 20% minimum tax on income, including unrealized gain on investment assets,” Bush said. “Taxing unrealized gain would prove difficult to administer and might be subject to court challenges.”
Sen. Joe Manchin, D-W.Va., wants to maintain the current tax structure but increase the top tax rate to 39.6% on ordinary income and 28% on capital gains, Bush explained.
Meanwhile, Sen. Kyrsten Sinema, D-Ariz., rejects an increase in tax rates in favor of a 5% surtax on income over $10 million and an additional 3% (total 8%) surtax on income over $20 million.
Besides the estate tax, other bills in Congress now proposed energy and gas price tax rebates.
See the gallery above for six tax-related bills in play in Congress now.