‘Insatiable appetite for reckless spending’: President Biden’s $7.3 trillion budget blueprint would raise one tax rate to as high as 44.6% — here’s how the changes could.
The budget blueprint, which would be for fiscal 2025 (which begins in October), will serve as the first of many tax battles expected to go down in Washington over the next year.
Republicans have already taken issue with the proposed $7.3 trillion budget, with House of Representatives Speaker Mike Johnson referring to it as an “insatiable appetite for reckless spending” and a “disregard for fiscal responsibility,” according to a Reuters report.
A second death tax
The plan also proposes taxing assets when an owner dies, ending a benefit that currently allows unrealized appreciation to go untaxed when transferred to an heir.In essence, death taxes are imposed on a person’s estate upon their passing. These taxes are the responsibility of the beneficiary who receives the property via the deceased’s will or estate.
These taxes are also referred to as estate taxes, death duties and inheritance taxes, and generally apply to estates and inheritances over a specific value.
