- Dec 8, 2013
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Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes
The president requested trillions in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on businesses and the rich.
Much of Biden’s budget hinges on trillions of dollars worth of proposed tax increases targeting the wealthiest Americans and major corporations.
The proposals include a so-called “billionaire” minimum tax aimed at imposing a tax of at least 25 percent on total income for Americans whose wealth exceeds $100 million, and raising the corporate tax rate from 21 percent to 28 percent. Biden also called for quadrupling the stock buybacks tax and upping the tax rate on U.S. multinationals’ foreign earnings.
The president requested trillions in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on businesses and the rich.
Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes (Published 2023)
The president requested trillions in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on businesses and the rich.
www.nytimes.com
The proposals include a so-called “billionaire” minimum tax aimed at imposing a tax of at least 25 percent on total income for Americans whose wealth exceeds $100 million, and raising the corporate tax rate from 21 percent to 28 percent. Biden also called for quadrupling the stock buybacks tax and upping the tax rate on U.S. multinationals’ foreign earnings.