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The Biden Administration this afternoon released its FY22 Budget Request. The proposal, which is estimated to cost more than $6 trillion, would dramatically expand the size and scope of the federal government and be paid for by increasing taxes on corporations and the wealthy.
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The Administration also released this afternoon the FY22 Treasury “Green Book,” which provides additional detail about many of the tax proposals outlined in the President’s request, including increasing the corporate tax rate to 28-percent, increasing the top individual tax rate to 39.6-percent for taxpayers with income in excess of the 2017 top bracket threshold (adjusted for inflation), and increasing funding for the Internal Revenue Service (IRS) to improve tax compliance of corporations and high-income taxpayers.
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- Elimination of step-up in basis and treating transfers of appreciated property by gift or on death as realization events.
- Tax capital gains for high-income earners at ordinary rates.
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Warning: Elimination of Step Up in Basis could destroy your business!
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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