According to the organization, Americans for Tax Reform, there are 4.7 TRILLION proposed new taxes in President Biden’s FY 2024 Budget Proposal. This comes after the $700 BILLION in tax increases in the so called Inflation Reduction Act approved by both parties. When you read the Highlights on the ATR post, you will discover these new tax hikes include:
– Highest Personal Income Tax Rate Since 1986 (combined Federal Tax rate of 45%)
– Highest Capital Gains Tax Since 1978. A rate over twice as high as China’s capital gains tax rate.(nearly doubles rate from 20% to 39%)
– Corporate Tax Rate Higher than Communist China. (A 31% increase, from 21% to 28%)
– Unconstitutional Wealth Tax on Unrealized Gains
– Quadrupled Tax on Stock Buybacks. This tax will hit every American with a 401K or IRA or union pension.
– $31 Billion Tax on American Energy
– 32% Increase to Medicare Taxes
– Carried Interest Tax on Capital Gains
– $23 Billion Retirement Tax
– $24 Billion Cryptocurrency Tax
– Real Estate Tax Hike (wants to end 1031 Like-Kind Exchanges)
– Doubles the Global Minimum Tax (Global Intangible Low-Tax Income (GILTI) from on U.S. multinational corporations from 10.5 to 21 percent, which after the disallowance of foreign tax credits would provide a top rate of 26.25 percent)

ATR and writer Mike Palicz did a great job summing up what they have discovered so far. We highly recommend you read this article at Americans For Tax Reform.