12 Tax Changes in Biden's $7T Budget

President Joe Biden speaks during a State of the Union in Washington, DC, on Tuesday, Feb. 7, 2023. (Photo: Bloomberg)

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President Joe Biden is proposing a series of tax increases on investors and top-earning Americans in his annual budget request to Congress.

The tax proposals, which are at the center of what the White House estimates is a $3 trillion deficit-reduction plan, will be immediately rejected by Congressional Republicans. But the ideas set up Democrats’ approach to the debt-ceiling fight later this year, as Republicans are gearing up to ask for spending cuts.

One of the biggest changes would be nearly doubling the rate of the capital-gains tax, and applying an additional surcharge to fund Medicare, which would mean taxes on investments could rise to almost 45%.

In the gallery are the details of the tax proposals in the budget request that the White House released Thursday.

 

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