On March 8, 2023, the Biden Administration released the proposed Budget of the U.S. Government – Fiscal Year 2024. The document outlines the President’s spending priorities for the coming year, details policy objectives, and detailed descriptions of how the changes will impact each Department, starting with Agriculture and concluding with the Social Security Administration. Buried deep in the long document are important updates and changes to the Internal Revenue Code (IRC) including tax incentives, tax rates, and the addition/extension of certain tax benefits.
The 2024 budget calls for an increase in the highest tax bracket to 39.6%, a minimum 25% tax rate on the super-wealthy, and the elimination of fossil fuel tax preferences. In addition, there are several proposed changes to retirement plans as well. Although the budget still needs to work through Congress, it does provide insight into future changes. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key details below.
While only a small excerpt of the proposed tax changes, it is clear they are designed to capture additional tax from high-income earners. Indeed, not all of these changes will become law, but it does provide interesting insight into the Administration’s goals and priorities. It is also a good prompt to review estate and tax planning strategies. If you have questions about the information outlined above or need assistance with a tax or accounting issue, Wilson Lewis can help. For additional information call 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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