Seeking a second term in the 2024 US election, US President Joe Biden on March 7 vowed to raise corporate minimum taxes and cut deductions for executive pay and corporate jets.
“No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse! That’s why I’ve proposed a minimum tax of 25% for billionaires. Just 25%. That would raise $500 Billion over the next 10 years,” Biden said in his final State of the Union Address to the joint session of the US Congress.
He highlighted that in 2022, 55 of the biggest companies in America made $40 billion in profits and paid zero in federal income taxes. “Thanks to the law I wrote and signed, big companies now have to pay a minimum of 15%. But that’s still less than working people pay in federal taxes.”
He asserted that it is time to raise the corporate minimum tax to at least 21% so every big corporation finally begins to pay their fair share. He added that he wants to end the tax breaks for big pharma, big oil, private jets, and massive executive pay.
“There are 1,000 billionaires in America. You know what the average federal tax rate for these billionaires is? 8.2 percent! That’s far less than the vast majority of Americans pay,” he noted.
He explained that if the increased taxes would raise $500 billion over the next 10 years, it could lead to affordable child care as people would be able to work and help grow the economy.
“Imagine a future with paid leave because no one should have to choose between working and taking care of yourself or a sick family member. Imagine a future with home care and elder care so seniors and people living with disabilities can stay in their homes and family caregivers get paid what they deserve!”
Biden was previewing the steps that would be part of a proposed fiscal 2025 budget released next week that aims to decrease the federal deficit by $3 trillion over 10 years while cutting taxes for low-income Americans and aiding middle-class homebuyers.
He also proposed a new tax credit that would help Americans buy first homes or trade up to larger ones by providing the equivalent of $400 per month for the next two years to offset high mortgage rates. Biden also called for the elimination of title insurance on refinancings of federally backed mortgages, a move that can save homeowners $1,000 or more.
“No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse! That’s why I’ve proposed a minimum tax of 25% for billionaires. Just 25%. That would raise $500 Billion over the next 10 years,” Biden said in his final State of the Union Address to the joint session of the US Congress.
He highlighted that in 2022, 55 of the biggest companies in America made $40 billion in profits and paid zero in federal income taxes. “Thanks to the law I wrote and signed, big companies now have to pay a minimum of 15%. But that’s still less than working people pay in federal taxes.”
He asserted that it is time to raise the corporate minimum tax to at least 21% so every big corporation finally begins to pay their fair share. He added that he wants to end the tax breaks for big pharma, big oil, private jets, and massive executive pay.
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“There are 1,000 billionaires in America. You know what the average federal tax rate for these billionaires is? 8.2 percent! That’s far less than the vast majority of Americans pay,” he noted.
He explained that if the increased taxes would raise $500 billion over the next 10 years, it could lead to affordable child care as people would be able to work and help grow the economy.
“Imagine a future with paid leave because no one should have to choose between working and taking care of yourself or a sick family member. Imagine a future with home care and elder care so seniors and people living with disabilities can stay in their homes and family caregivers get paid what they deserve!”
Biden was previewing the steps that would be part of a proposed fiscal 2025 budget released next week that aims to decrease the federal deficit by $3 trillion over 10 years while cutting taxes for low-income Americans and aiding middle-class homebuyers.
He also proposed a new tax credit that would help Americans buy first homes or trade up to larger ones by providing the equivalent of $400 per month for the next two years to offset high mortgage rates. Biden also called for the elimination of title insurance on refinancings of federally backed mortgages, a move that can save homeowners $1,000 or more.
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