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biden tax proposal

The Biden tax proposals that could hit baby boomer, family businesses

President Joe Biden’s 2024 budget proposals contain several proposals that could hit small businesses right where it hurts — their wallets. Proposals in the budget include boosting the top capital gains rate for income over $1 million, eliminating the so-called “step-up in basis” loophole, expanding who has to pay investment income tax and at what rate, and bumping up the corporate tax rate.

Tax Panels Face Personnel Changes Ahead Of TCJA Debate

The House and Senate tax-writing committees are both set to lose veteran lawmakers in the next Congress, changing the dynamic on the panels as they gear up for a major fight next year over the fate of the expiring provisions of the Tax Cuts and Jobs Act.