The Office of Management and Budget (OMB) released its Budget of the U.S. Government for Fiscal Year 2025, which outlines the administration’s proposed changes and initiatives for next year’s budget.
The proposed tax increases for high-income earners include some of the following measures:
- Increase the top individual ordinary income tax rate to 39.6% from the current rate of 20%.
- Long-term capital gains tax to 39.6% for investors who make at least $1 million a year.
- Taxing capital gain income for high-income earners at ordinary rates.
