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President Biden's Proposed 2024 Budget Outlines Several Major Tax Increases

The budget aims to cut the deficit by nearly $3 trillion over 10 years

President Joe Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and businesses. While most of these proposals stand little chance of enactment with a Republican majority in the U.S. House of Representatives, they shed light on the Democrats’ priorities as they prepare for the 2024 election season.

Individual tax provisions

The proposed budget includes tax provisions that would affect taxpayers of various income levels. In particular, it would make the following changes:

Tax rates. The proposal would reinstate the top individual tax rate of 39.6 percent for single filers earning more than $400,000 ($450,000 for married couples).

Please select this link to read the complete article from OSAP Strategic Partner Clark Schaefer Hackett.

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