Various tax proposals in President Biden’s FY 2024 budget target high-net-worth individuals. These proposals range from a 25% minimum tax on the wealth of certain taxpayers to an increase in the highest income tax bracket from 37% to 39.6%.
President Biden’s FY 2024 budget contains a mix of newly proposed and previously proposed but not enacted crypto tax proposals. New proposals include subjecting crypto investors to the wash-sale rules otherwise applicable to stocks and securities as well as imposing an excise tax on crypto mining activities.
The Chancellor of the Exchequer delivered the United Kingdom Budget for 2023 on 15 March 2023. You can access our Clients & Friends Alert here.
Supreme Court holds that a non-willful FBAR violation applies on a per-form basis.