$4.7 Trillion Increase in Taxes

3.28.23 - $4.7 Trillion Increase in Taxes

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Biden's New Budget Proposes a $4.7 Trillion Increase in Taxes -Yahoo!Finance

President Biden's Fiscal Year 2024 Budget has proposed a series of major tax increases, totaling nearly $4.7 trillion, aimed at businesses and high-income individuals. These proposals include higher marginal tax rates on corporate, individual, and capital gains income; a new minimum tax on high-net-worth individuals; and increases to Medicare taxes. Several tax credits would also be expanded or created, offsetting the gross taxes by about $900 billion and resulting in a net tax increase of $3.8 trillion. After factoring in $1 trillion of additional new spending, the FY2024 Budget would reduce the deficit by $2.8 trillion over the next decade.

However, the Biden budget does not include a concrete proposal for extending the individual income tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA) that will expire after 2025, nor the temporary expansion of the Child Tax Credit (CTC). These extensions would likely offset the projected deficit reductions.

The recent help to small businesses with PPP loans and expanding of the Jumpstart Our Business Startups (JOBS) Act have helped small businesses considerably in recent years. But this proposed tax plan would be a considerable hit to small and large businesses in the U.S. The JOBS Act allows everyday investors to invest in startups and small businesses, which has resulted in billions raised for American small businesses on platforms like StartEngine and Wefunder. This includes StartEngine itself, which has raised over $70 million from everyday investors and $12.5 million in its current funding round, which anyone can invest in.