President Biden’s tax plan was unveiled on March 9, 2023. In it there were some DOA proposals.

Income Taxes
The budget proposed raising the top personal-income tax rate to 39.6%, from 37%, for Americans earning $400,000 or more. That increase would reverse part of the 2017 Tax Cuts and Jobs Act. This would have the effect of having more taxpayers defer income to avoid hitting the $400,000 per year mark.

Capital gains tax
The President’s plan would raise the federal capital gains tax rate to 39.6% from 20% for households earning more than $1 million. Capital gains rates would not be indexed for inflation on this proposal, thus creating a double whammy for taxpayers in this category. So, if you sell a property that you’ve held in the family for 50 years for a Million Dollars, your rate jumps 19.6%. You’ll see a lot of price manipulation to get around this one including installment sales.
Wealthier investors are also subject to an additional 3.8% tax on long- and short-term capital gains (and other investment income including interest and dividends) that is used to fund ObamaCare. Short-term capital gains on assets sold within a year are typically taxed as ordinary income. Biden also called for increasing the 3.8% ObamaCare tax to 5% for those earning at least $400,000 in an effort to shore up Medicare.
Under the proposal, taxpayers could face a federal rate as high as 44.6% when they sell stocks, properties and other assets and it drives their incomes above $1 Million.
New minimum tax for “Billionaires” (really $100 Millionaires).
The president’s plan calls for a 25% minimum tax rate U.S. households worth more than $100 million. This would seem to call for anyone near $100 Million to have to report the value of their assets annually. A huge undertaking which will make accountants and actuaries very happy.

Corporate stock buyback tax
The President called for quadrupling the 1% levy on corporate stock buybacks that was added to the tax code last year as part of the Inflation Reduction Act. His proposal would increase the tax from 1% to 4% and would allegedly reduce the differential tax treatment between share repurchases and dividends. But given the suggested increase in the Capital gains rates, it actually doesn’t accomplish that and dividends may be more palatable which of course impacts the middle class.

Increase in Corporate tax rates
The President’s proposal would lift the corporate tax rate to 28% from 21%, rolling back a key part of the 2017 tax law changes. The measure also calls to increase taxes U.S. companies owe on their foreign earnings to 21% — nearly double the current 10.5% rate. This could cause divestment of foreign companies by US Companies or spin-offs.