President Biden's Fiscal Year 2024 budget proposal contains nearly $4.7 trillion in new tax hikes on American individuals and businesses.
Biden's proposed tax hikes come just months after Democrats passed more than $700 billion in tax increases in the so-called Inflation Reduction Act.
Below is a list of tax hikes included in Biden's budget proposal.
This tax is just the latest attempt by the Democrats to reshape the tax code and pass a tax on unrealized gains.
"If Mr. Biden again proposes raising the top marginal income tax to 39.6% from 37%, he would be seeking a combined top federal tax rate of 44.6%, higher than at any point since the mid-1980s. If that became law, the combined marginal tax rate on top earners would exceed 50% in many states."
To honor his small business tax pledge to the American people, Biden must forego the above tax increases.
GILTI was created by the Tax Cuts and Jobs Act of 2017 and was included in the bill as a tradeoff for other tax cuts including ending the double taxation of American businesses and reducing the corporate tax rate to 21 percent, a rate in line with the rest of the developed world.
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