Hey ,

You may have heard that President Biden has released his budget proposal for the fiscal year 2024. This proposal includes several tax changes that could affect your business and personal finances.

Some of the key tax proposals are:

• Raising the corporate income tax rate from 21% to 28%.
• Imposing a minimum tax of 15% on book income of large corporations that report high profits but low taxable income.
• Repealing fossil fuel subsidies and incentives for oil and gas companies.
• Increasing the top individual income tax rate from 37% to 39.6% for those earning more than $400,000 a year.
• Taxing capital gains and dividends at ordinary income rates for those earning more than $1 million a year.
• Limiting itemized deductions for high-income taxpayers by restoring the Pease limitation.
• Expanding the child tax credit, earned income tax credit, child and dependent care credit, health insurance premium tax credit, and other credits for lower- and middle-class families.

How much does he want to raise?

Biden expects to raise about $3 trillion in revenue over 10 years, which would be used to fund various spending priorities such as infrastructure, education, health care, climate change, social security, and medicare.

But…

These proposals are not final yet. They still need to go through Congress, where they may face opposition or modifications from both parties.

But rest assured, something or (things) in this proposal will make it through, so, you can expect some changes!

To stay updated on the latest developments on Biden’s budget proposal and how this will unfold, keep watching this space and follow my social media accounts.

You can also contact me for professional advice on how to plan ahead for these potential tax changes. I am an expert who can help you understand how these proposals could affect your specific situation and what strategies you can use to minimize your tax liability.

You can also contact my team at +1 202-618-1297 if you have a burning tax issue needing attention now.

I would be happy to discuss your options and help you make the best decision for your business.

Thank you for considering me for your tax return filing needs. I look forward to working with you.

Hey Entrepreneur! I am Folasade Ayegbusi. I am an Enrolled Agent, Accountant, Ex-insurance Broker, Speaker, and Small Business Growth Strategist. Additionally, I am a Mother, and Entrepreneur.

I have helped entrepreneurs and small business owners save over $25 million dollars in lost revenue, tax assessments, penalties, and interests over the last 12 months. I am confident that I can assist you with all of your accounting needs.