- He wants to raise corporate tax rates and increase the minimum corporate tax.
- Biden wants a 25 percent tax on billionaires’ income
- He says his tax plans would save $3 trillion over a decade.
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President Joe Biden clashed with Republicans Thursday night over taxes for the rich as he touted new proposals to raise corporate tax rates and other plans that he said would cut $3 trillion from the nation’s balance sheet.
They were some of the most radical policies of his State of the Union address, though they have almost no chance of being enacted as long as Republicans control the House. They would even face headwinds in the Democratic Senate, where their party is fighting to hold on to control in 2024.
‘You know there are 1,000 billionaires in the United States. “You know what the average federal tax rate is for billionaires who now make big sacrifices: 8.2 percent,” she said.
“That’s far less than the vast majority of Americans pay. No billionaire should pay a lower federal tax. “More courage than a teacher, a healthcare worker or a nurse,” she intoned, earning applause.
He called for a minimum tax on billionaires of 25 percent.
President Joe Biden called for a minimum tax on billionaires, increasing corporate taxes and limiting deductions for the use of corporate planes.
“Only 25 percent,” he said. Do you know what that would raise? That would raise $500 billion over the next 10 years. Imagine what that could mean for America,” she said, mentioning affordable child care and paid leave.
Biden also wants to raise the minimum corporate tax and cut deductions for corporate jets.
“My goal is to reduce the federal deficit another 3 trillion by making large corporations very rich and finally start paying their fair share,” in an apparent reference to accumulated debt.
The White House plans to outline details on plans to cut $3 trillion from deficits over a decade in the next budget.
It was over tax and spending policy that he had one of his many heated exchanges with Republicans inside the chamber.
‘We have two paths to go. “Republicans can cut Social Security and get more tax breaks for the rich,” Biden said, pointing to efforts to expand Trump’s tax cuts.
The comment drew complaints from Republicans who heard it.
“Well, that’s the proposal,” he responded. ‘Oh no? You don’t want another $2 trillion tax cut. I thought that was your plan.
Biden’s proposed tax increases are unlikely to go anywhere in the GOP House. White House says its tax increases on the rich would reduce deficit by $3 trillion over a decade
It was just the latest populist overture from Biden, who won the Democratic nomination in 2020 after defeating left-leaning senators Bernie Sanders and Elizabeth Warren.
In another, he said he wanted to offer a annual tax credit’ that will give Americans $400 a month for the next two years as mortgage rates fall to put toward their mortgages when they buy their first home. Or trade it for a little more space.
The proposals come in a campaign in which he will face his rival Donald Trump, where tax plans will be a fierce point of contention and each candidate will try to brandish the appeal of the working class.
Biden wants to raise the corporate income tax rate to 28 percent and wants to raise the 15 percent minimum corporate tax he helped push when he had a Democratic House. Biden proposes increasing it to “at least 21 percent” for highly profitable companies.
Even if his economic plans won’t go very far in the current divided Congress, Biden marked a milestone for the campaign.
‘I am a capitalist. Do you want to win a million or millions of dollars? Brilliant. “Just pay your fair share in taxes,” he said.