If you are wondering if President Biden is proposing tax increases, look no further than the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals.
According to PWC “President Joe Biden on March 11 sent Congress a fiscal year (FY) 2025 budget that proposes to increase taxes by nearly $5 trillion for corporations and for individuals with incomes above $400,000. Many of the president’s tax proposals — including a proposal to increase the corporate tax rate to 28% and impose a 25% minimum tax on certain high-income individuals – were included in President Biden’s previous budgets. New tax proposals in the FY 2025 budget include measures to increase the recently enacted corporate alternative minimum tax rate from 15% to 21% and to deny business deductions for employee compensation above $1 million.”
Look no further than the Table Of Contents of the Biden Administration Revenue Proposals to see a number of tax increase proposals that include:
- Raise the Corporate Income Tax Rate To 28%
- Increase The Corporate Alternative Minimum Tax Rate To 21%
- Increase The Excise Tax Rate On Repurchase Of Corporate Stock
- Tax Corporate Distributions As Dividends
- Limit Tax Avoidance Through Inappropriate Leveraging Of Parties To Divisive Reorganizations
- Limit Losses Recognized In Liquidation Transactions
- Prevent Basis Shifting By Related Parties Through Partnerships
- Conform Definition Of “Control” With Corporation Affiliation Test
- Strengthen Limitation On Losses For Noncorporate Taxpayers
- Expand Limitation On Deductibility Of Employee Remuneration In Excess Of 1 Million
- Prevent Prison Facility Rent Payments From Contributing To Qualification As A REIT
- Revise Global Minimum Tax Regime, Limit Inversions,And Make Related Reforms
- Adopt The Undertaxed Profits Rule
- Repeal The Deduction Of Foreign-Derived Intangible Income
- Revise The Rules That Allocate Subpart F Income And GILTI Between Taxpayers To Ensure The Subpart F Income And GILTI Are Fully Taxed
- Require A Controlled Foreign Corporation’s Taxable Year To Match That Of Its Majority US Shareholder
- Limit Foreign Tax Credits From Sales Of Hybrid Entities
