The Biden administration has announced plans for a 25 per cent 'billionaire minimum income tax' on the wealthiest 0.01 per cent of taxpayers in fiscal year 2025. It also promises to close the 'carried interest loophole' for investment fund managers and 'estate and gift tax loopholes' using trust arrangements, as well as 'life insurance loopholes'. Further planned measures will stop both publicly and privately owned C-corporations claiming corporate tax deductions for employee compensation above USD1 million, and raise the corporate minimum tax rate to 21 per cent on domestic and all foreign income.
News Source：【Michael Best & Friedrich 2024/02/23】