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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 Family Enterprise USA
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.
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