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The Official Blog for Commercial Real Estate

Tag: carried interest

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President Joe Biden’s Opening Shot in 2025 Tax Fight

On March 11, President Joe Biden submitted his FY 2025 Proposed Budget to Congress. Unlike prior year budget proposals, this one is a setup for an unavoidable tax debate in 2025, when many of the tax provisions enacted during the Trump administration in the Tax Cuts and Jobs Act of 2017 will expire.

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Major Tax Increases Proposed in Biden’s 2024 Budget

President Joe Biden submitted his proposed fiscal year 2024 federal budget to Congress on March 9. It contains numerous tax increases that repeatedly failed to clear the House of Representatives and Senate even when these chambers were controlled by Democrats. But the president’s budget submission makes sense if you acknowledge that its primary purpose is as a political messaging document, meant to provide a contrast between his administration and Republicans in advance of the 2024 presidential election.

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