The U.S. government’s 2024 budget and economic trends.

by | 2023-05-31 | Accounting & Tax

The U.S. budget for 2024 aims for a significant reduction in the deficit. Due to its impact, a tax increase is anticipated. Both high-income individual taxpayers and corporations need to be wary of potential hikes in their tax rates.

What is the U.S. budget for 2024?

President Biden is planning a budget of $6.9 trillion for 2024. As a result, there’s a need to reduce the fiscal deficit.
The major points to focus on are:

  1. Eliminating the Medicare deficit.
  2. Significantly raising the capital gains tax rate for high-income earners making over $1 million
  3. Increasing the corporate tax rate to 28%

and so on.

Budget Deficit

What is the credit card balance in the U.S. this year?

Additionally, the credit card balance in the U.S. has increased by 18.5% compared to last year, reaching $930.6 billion. The average balance held by credit card holders has risen to $5,805, and the number of credit card payment defaults (deficiencies) continues to grow.

At the moment, these issues have not surfaced, but economic experts seem to be cautioning that the economy might plunge into a recession in about six months based on their predictions.
While the current economic situation in the U.S. is unstable, it’s essential to prepare so that it can be seen as an opportunity rather than a crisis.

Credit Card Limit

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