Skip to main content

Joe Biden calls for higher taxes on corporations and the wealthy

·1 min

The budget proposal released by President Joe Biden aims to reduce deficits by $3 trillion over the next decade. The budget includes tax increases for corporations and wealthy individuals. Biden plans to raise the corporate tax rate to 28% and increase the corporate minimum tax to 21%. He also proposes a 1% surcharge on corporate stock buybacks and seeks to eliminate a tax break for corporate jet purchases. For high earners, Biden plans to raise the tax rate on capital gains for individuals earning over $400,000 to 39.6%. He also wants to close the carried-interest loophole and introduce a wealth tax on individuals with assets over $100 million. The budget includes increased funding for the IRS and aims to improve the solvency of Social Security and Medicare. The budget is expected to face opposition from Republicans.