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Articles From Lumsden McCormick

Federal Administration Releases 2024 Budget and Revenue Proposal

The Biden administration has released its budget proposal for fiscal year 2024. The proposal aims to decrease the federal deficit by roughly $3 trillion within the next decade. To achieve this, taxes will be raised on high-net-worth individuals and large corporations.

The proposed budget entails a 7% increase in the U.S. corporate income tax rate, from 21% to 28%. The ordinary tax rate for top individuals will also increase from 37% to 39.6%. Changes in international tax rules will be implemented, which will increase the tax rate on foreign earnings of U.S. multinational corporations. Furthermore, the corporate stock repurchase excise tax will move up from 1% to 4%, which was part of the Inflation Reduction Act of 2022.

The White House has also released the "Green Book," or General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposal. It provides an in-depth analysis and detailed estimates from the Treasury Department for the administration’s revenue proposals.

The administrations proposed budget plans are defined and detailed in 4 separate articles:

  1. Corporate and Business Tax Provisions under the 2024 Federal Budget
  1. Partnership Tax Provisions under the 2024 Federal Budget
  1. International Tax Proposals under the 2024 Federal Budget
  1. Individual, Estate and Gift Taxes under the 2024 Federal Budget
     

For more information contact Cory Van Deusen or our tax team.

Federal Administration Releases 2024 Budget and Revenue Proposal

for more information

Cory has over 20 years of experience providing tax and consulting services to commercial businesses and individuals. His expertise lies in the myriad of business development incentives offered by various federal, state, and local agencies to targeted industries such as Manufacturing, Software Development, Technology Companies and many other in order to encourage regional investment, spur job creation, and foster economic growth. The available incentives include refundable tax credits, tax abatements, grants, and forgivable loans. He has extensive knowledge of Start-Up NY, Opportunity Zones, the Excelsior Jobs Program, Qualified Emerging Technology Companies, and various local incentives such as Industrial Development Agency (IDA) benefits. Additionally, he spends his time providing services to Start-Up Companies ranging from a founder with an idea to multi-national tech companies that have raised hundreds of millions of dollars.  Cory has experience in all areas of U.S. federal and NY State taxation. He has been with Lumsden McCormick since 2001, was named partner on January 1, 2015. He is a member of the Firm’s Executive Committee and is head of the commercial services group.

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