But the idea made very little headway even when Democrats controlled both houses of Congress.Īfter Republicans assumed the House majority in 2023, the billionaire tax plans were put on ice indefinitely. Since he took office in 2021, Biden and congressional Democrats have repeatedly proposed increasing taxes on the very wealthiest to raise revenue. "Do you really think the wealthy and big corporations need another $2 trillion in tax breaks? I sure don't. I'm going to keep fighting like hell to make it fair!" he said in a fiery, partisan speech before Congress.īiden's populist, progressive, tax-the-rich funding plan is not a novel proposal from his White House. "We can do all of our investments by asking those in the top 1 and 2% to pay more into the system," Shalanda Young, director of the White House Office of Management and Budget, said on a call with reporters Monday.īiden will also seek to shore up Medicare and Social Security, in part by relying on new, federal negotiating powers for Medicare prescription drugs and by seeking other savings in housing, health insurance and more.īiden previewed many of the themes of his budget blueprint in his State of the Union address Thursday. Biden's budget would raise taxes for billion-dollar companies from 15% to 21% and hike the broader corporate tax rate to 28%. "I'm never going to allow that to happen." Taxing the richĪccording to the White House, the budget aims to reduce the federal deficit by $3 trillion over the next 10 years largely by imposing a minimum 25% tax rate on the unrealized income of the very wealthiest households and by reshaping the corporate tax code. "Even this morning, Donald Trump said cuts to Social Security and Medicare are on the table again," Biden said at a speech in New Hampshire following the budget proposal's release. Personal Loans for 670 Credit Score or Lower
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