Biden's Tax Plan for 2024

Growing Business Cutting Taxes

December 18, 2023

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Quote of the Day

"Lowering tax rates encourages entrepreneurship, innovation, and investment, fueling economic growth and ultimately creating more jobs."

Trivia Question❓

What is the name of the tax deduction available for small businesses in the United States that allows them to deduct up to 20% of their qualified business income?

Answer at the bottom of the newsletter

Tip of the Week

Use the Section 179 deduction to your advantage.


The Section 179 deduction allows businesses to deduct the full purchase price of qualifying equipment and software purchased or financed during the tax year.

This deduction can greatly reduce your taxable income and help you save on taxes while investing in necessary business assets.

You Could Use A Laugh

Why did the tomato turn red?

Because it saw the Onion cutting taxes and growing its business and got KETCHUP!

Tax Update

President Joe Biden's proposed tax plan, as part of his 2024 budget, includes several key elements:


  1. New Taxes on the Wealthy: The plan aims to lower the federal deficit by $3 trillion over the next five years, primarily through new taxes on the wealthy. Forbes

  2. Overall Tax Increase: The 2024 budget would raise taxes by more than $4.5 trillion over the next decade. Nearly all the new revenue would come from high-income households and corporations. Tax Policy Center

  3. Tax Increases for the Wealthy: The proposed top income tax rate would increase from the current 37% to 39.6%. This increase targets high earners. Investopedia

  4. Top Marginal Income Tax Rate: Biden's budget calls for a top marginal income tax rate of 39.6%, up from 37%, for single filers making more than $400,000 and married couples with income above a certain threshold. CNBC

These proposals reflect Biden's focus on increasing tax revenues from high-income individuals and corporations. However, it's important to note that these proposals would need to be approved by Congress to become law.

💡 Answer to Trivia Question:

The tax deduction for small businesses in the United States is called the Qualified Business Income Deduction (QBID).