Biden’s Budget Proposes Trillions in Tax Hikes, Partly Repeals Trump’s Tax Cuts
President Joe Biden unveiled the third budget of his presidency, vowing to increase spending, raise taxes, and reduce the federal deficit.
Over the next decade, the $6.8 trillion budget (pdf) proposes approximately $5.5 trillion in tax increases on high-income earners and corporations.
The White House includes a 25 percent minimum tax on the wealthiest Americans with more than $100 million. This consists of all of their income, including appreciated assets, “because no billionaire should ever pay a lower tax rate than a schoolteacher or a firefighter.
President Biden’s budget suggests increasing the corporate tax rate from 21 percent to 28 percent, ensuring that “large corporations pay their fair share.” The administration estimates this would generate $1.326 trillion in revenue….