President Biden released his 2024 fiscal year budget proposal and it includes almost $4.7T in new tax hikes.

Here are the tax hikes you’ll want to know about:

• Personal income tax: Biden’s budget calls for a combined federal tax rate of 45%, that makes it the highest since 1986.
• Capital gains tax: The plan calls for doubling of the capital gains tax from 20% to 39.6%.
• Corporate tax rate: Currently sitting at 21%, Biden’s plan raises it to 28%.
• Wealth tax on unrealized gains: The plan calls for a yearly 20% minimum tax on unrealized gains of individuals with assets over $100M.
• Stock buybacks: January 1 was the start of a 1% stock buyback tax, but now Biden wants to quadruple it.
• American energy: New taxes on oil and gas companies totaling around $31B.
• Medicare taxes: The proposal calls for an increase from 3.8% to 5% for individuals who earn over $400K a year.
• Retirement tax: This would cap retirement plan benefits for certain people.
• Cryptocurrency transaction tax: This would apply “wash sale” rules for cryptocurrency transactions.
• Cryptocurrency mining tax: The budget calls for the placement of a 30% excise tax on the cost of electricity used to mine crypto digital assets.
• Real estate tax: This would end 1031 Like-Kind Exchanges and raise taxes on capital gains from real estate transactions.
• Global minimum tax: This would double the tax on Global Intangible Low-Tax Income (GILTI) from US multinational corporations 10.5% to 21%.