U.S. Treasury Revenue 'Green Book' Says Biden FY25 Budget Plan Would Raise Tax Receipts By $4.951T Over 10 Years; Estimates Raising Domestic Corporate Minimum Tax Rate To 21% Would Raise $137.4B Over 10 Years; Limiting Deductibility Of Employee Income To $1M To Raise $271.9B
Portfolio Pulse from Benzinga Newsdesk
The U.S. Treasury's 'Green Book' outlines that President Biden's FY25 budget plan aims to increase tax receipts by $4.951 trillion over the next decade. Key measures include raising the domestic corporate minimum tax rate to 21%, expected to generate $137.4 billion, and limiting the deductibility of employee income to $1 million, projected to raise $271.9 billion.
March 11, 2024 | 6:07 pm
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NEGATIVE IMPACT
The proposed increase in the domestic corporate minimum tax rate to 21% and the limitation on deductibility of employee income could impact companies within the SPY ETF, potentially affecting its performance.
The SPY ETF, which tracks the S&P 500, includes a wide range of companies that could be affected by the proposed tax changes. Higher corporate taxes could reduce net profits, potentially leading to lower stock prices for affected companies. This, in turn, could negatively impact the overall performance of the SPY ETF in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70