美国.S. Treasury Department released President Biden’s administration’s fiscal year 2025 revenue proposals on March 11, 2024.
The annual “Greenbook” (available here http://home.treasury.gov/system/files/131/General-Explanations-FY2025.pdf ) explains revenue proposals contained in the fiscal year 2025 budget recommendation. Although there are noteworthy changes in this year’s proposal compared to last year’s proposal, many of the items should be familiar to 税payers—since they’ve been proposed in prior years in similar fashion (see last year’s article here http://f5n0.hadeslo.com/our-thoughts-on/biden-administration-releases-proposed-fiscal-20232024-budget) It’s also likely we’ll continue to see a number of these proposals included in some format in future (2-4 years) budget proposals if the Presidency remains in control of the Democratic Party after the 2024 November election.
These proposals might be incorporated into the 2024 Democratic party platform, but how many end up in enacted legislation is pure conjecture. Note that the Greenbook proposals are priorities of Democrats; Republicans have yet to be heard from in any detail. Some of these proposals will be competing with proposals to either let expire or extend certain 税 provisions enacted as part of 2017’s 税 Cuts and Jobs Act and set to expire at the end of 2025. 今年是选举年, the chasm between Republican and Democratic parties on many issues, 包括税, appears to be quite wide; and coupled with the current split control in the House versus the Senate, the likelihood of major changes to existing federal 税 law seems unlikely at this time.
然而, it is important to stay abreast of proposals because these often become the foundation of future legislation. The current Greenbook proposes the following changes (many of which would impact states’ income 税es, 它依赖于联邦税法):
- Raise the corporate income 税 rate from 21% to 28%.
- Increase the corporate book income alternative minimum 税 from 15% to 21%.
- Increase excise on stock repurchase from 1% to 4%
- Deny a compensation deduction exceeding $1 million for all “C” corporations (including privately held corporations).
- Increase the highest individual marginal 税 bracket rate from 37% to 39.6% while also reducing the floor on which that income is 税ed (from $731,200 to $450,000 for couples married filing jointly for example).
- Increase the additional 税 on net investment income from 3.8% to 5% for 税payers with income exceeding $400,000.
- Increase the capital gain and qualified dividend income 税 rates to the highest marginal 税 rate for individuals with adjusted gross income exceeding $1,000,000 (meaning capital gains could be 税ed at a rate as high as 44.6%)
- 税 carried interests as ordinary income for those making more than $400,000.
- Repeal like-kind exchange treatment for real estate for gains exceeding $500,000 (or $1,000,000 for married individuals filing a joint return).
- Treat all depreciation recapture on sale of Section 1250 property (real property) as ordinary income for individuals with adjusted gross income of $400,2000美元或以上(200美元),000 for married individuals filing separate returns)
- Permanently extend the excess business loss limitation past its current expiration date of December 31, 2028, while simultaneously limiting the use of excess disallowed losses to only business income (as opposed to treating the loss limitation as a net operating loss in the following year available to offset other types of income).
- 税 transfers of appreciated property by gift or death as a realization event.
- Impose a 25% minimum 税 on total income (including unrealized capital gains) on 税payers with wealth exceeding $100 million.
- 扩大儿童税收抵免.
- Restore the expanded earned income 税 credit for workers without qualifying children.
- Permanently exclude cancellation of student debt from income.
- 提供高达10美元的税收抵免,000 for both first-time home buyers and home sellers with credit phased-out between $100,000元及200元,000 of modified adjusted gross income.
The Greenbook also proposes other changes including the elimination of 税 incentives on fossil fuels and would also align the U.S. Global Intangible Low-税ed Income (GILTI) minimum 税 with the income inclusion rules under the OECD Pillar Two model rules.
正如我们过去所指出的那样, it is important to remember that the above items are only proposals; many of these items have been floated in the past but sank before making it into any final 税 legislation. It is much too early to act on any of these proposals, but it is important to remain informed about any legislative bills arising from the Greenbook proposals and the possible implications on your 税 situation.
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