Biden Unveils Controversial FY 2025 Tax Hike Proposals

In this week's episode of The Jeff Trapp Podcast, Jeff analyzes new tax proposals from Joe Biden's 2025 FY budget proposal. He refers to a breakdown from the Tax Foundation on how the proposals could raise $2.2 trillion over 11 years through increases to corporate, investment, and individual income taxes. Jeff covers major changes including increasing the corporate tax rate from 21% to 28%, expanding the net investment income tax from 3.8% to 5%, raising the top individual rate from 37% to 39.6% for incomes over $400k/$450k, taxing long-term capital gains as ordinary income for incomes over $1 million and more. He then explains how these proposals aim to pay for government spending but may have unintended consequences like lower GDP growth, wages, and 788,000 lost jobs. He advises listeners to connect with a tax strategist to mitigate effects. If you are enjoying these episodes, be sure to like, subscribe, and share the podcast. Also, grab a free copy of Jeff's Tax Playbook at go.thetaxplanningpros.com to keep more of your hard-earned money.