How much revenue are President Biden’s fiscal year 2023 budget proposals estimated to generate? According to the nonpartisan Joint Committee on Taxation (JCT)’s recent review: $1.7 trillion between 2023 and 2032. From 2023 to 2027, Biden’s proposals are expected to net $795 billion. However, many of these proposed revenue generators, such as raising the corporate income tax rate from 21% to 28%, are likely to face significant opposition in Congress. The President would also like to lift the marginal top income tax rate for individuals, repeal the deferral of gain from like-kind exchanges and repeal certain fossil fuel industry tax breaks. Read the JCT report: https://bit.ly/3b4NQ7z Call or visit our website for more information! www.mjscpa.com/
