12 Tax Changes in Biden's $7T Budget
Related: 10 Timely Tax Issues to Discuss With Clients
President Joe Biden is proposing a series of tax increases on investors and top-earning Americans in his annual budget request to Congress. The tax proposals, which are at the center of what the White House estimates is a $3 trillion deficit-reduction plan, will be immediately rejected by Congressional Republicans. But the ideas set up Democrats' approach to the debt-ceiling fight later this year, as Republicans are gearing up to ask for spending cuts. One of the biggest changes would be nearly doubling the rate of the capital-gains tax, and applying an additional surcharge to fund Medicare, which would mean taxes on investments could rise to almost 45%. In the gallery are the details of the tax proposals in the budget request that the White House released Thursday.
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