Biden Administration’s Proposed 2023 Budget Plan Calls for Corporate & High-Net-Worth Individual Tax Hikes
The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now familiar calls for increasing the top corporate tax rate to 28% and the top individual rate to 39.6%.
Among the new proposals, the minimum tax on high-net-worth individuals has garnered considerable press attention.
These proposals, as well as others that have not been closely scrutinized, are described in more detail below.
Corporate Tax Proposals
Raise Corporate Income Tax Rate to 28%
C corporations, unlike an S corporation, the […]