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Tag Archive for Biden Administration Tax Proposals 2023

Biden Administration Tax Reform Proposals 2023 Raises Your Taxes To 28% Corporate Rate And 39.6% Individual Rate!

Bidens Proposed Tax Increases

The Department of Treasury has published a 120 Page Report on General Explanations of the Biden Administration’s Fiscal Year 2023 Revenue Proposals. After reviewing this report it is apparent why so many wealthy individuals/families are turning to Opportunity Zones.

The Biden Administration wants to do the following:

Reform Business And International Taxation

  • Raise The Corporate Income Tax Rate To 28%
  • Adopt The Undertaxed Profits Rules
  • Provide Tax Incentives For Locating Jobs In U.S.
  • Remove Tax Deductions For Jobs Overseas
  • Prevent Basis Shifting By Related Parties Through Partnerships
  • Conform Definition Of Control With “Corporate Affiliation Test”
  • Expand Access To Retroactive Qualified Electing Fund Elections
  • Expand The Definition Of Foreign Business Entity To Include Taxable Units

Supporting Housing And Urban Development

  • Make Permanent The New Markets Tax Credit
  • Allow Selective Basis Boosts For Bond Financed Low Income Housing Credits Projects

Modify Fossil Fuel Taxation

  • Eliminate Fossil Fuel Tax Preferences
  • Modify Oil Spill Liability Trust Fund Financing And Super Fund Excise Taxes

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