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Biden’s FY2023 Budget Proposal Includes Increase to Estate and Gift Tax, and Higher Individual and Corporate Income Taxes

by | Apr 14, 2022 | Multi-state Tax Issues |

President Biden recently released his FY2023 Budget, and the U.S. Treasury provided details regarding the related revenue provisions.  The proposal includes increased income tax for individuals from a top rate of 37% to 39.6%, and for C corporations from 21% to 28%.  Another proposal is to increase long-term capital gain and qualified dividend rates to the higher ordinary income rates for taxpayers with taxable income over $1,000,000 and reducing deferred gain under a Section 1031 exchange to $500,000.  Estate and gift taxes would also be affected by treating transfers of appreciated assets as subject to capital gains tax, subject to only a $5 million per donor exclusion over the donor’s lifetime. To read more, click here.

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