President Joe Biden’s 2023 federal budget, released Monday April 25, 2022, proposes tax hikes on the ultra-wealthy and corporations while providing billions of dollars in new spending for the Defense Department and the Justice Department.
- Raise the corporate tax rate from its current rate of 21% to 28%.
- Raise the top individual tax bracket to 39.6%.
- Impose a 20% minimum tax on the top 0.01% of earners and households worth more than $100 million, the so-called the Billionaire Minimum Tax.
- Repeal several tax breaks for oil and gas producers and processors.
- Tax carried interest as regular income, closing the so-called carried interest loophole. and
- End tax deferrals on the gains from like-kind exchanges.