U.S. President Joe Biden exerts renewed impetus to overhaul the nation’s tax code and dramatically raise the rates that businesses and wealthy Americans pay. read more
Washington: U.S. President Joe Biden will put renewed pressure on the nation to overhaul its tax laws and dramatically raise the rates that businesses and wealthy Americans pay, media reports said.
The president is expected to announce tax increases on Thursday as part of a budget plan for federal spending for fiscal year 2024, which begins in October.
According to Fox Business, Wall Street and the top U.S. households will likely pay for the increased tax.
Biden previewed several proposals in his State of the Union address in February, calling for stronger taxes on billionaires and proposing to quadruple the current 1% tax on corporate stock buybacks. bottom.
“I am a capitalist, but I only pay my fair share,” he said in his speech. “And I think many of you at home agree with me that the current tax system is simply unfair.”
The so-called billionaire tax would impose a 20% tax rate on both income and unrealized capital gains. It makes up about 0.01% of humans.
Households who have already paid 20% do not have to pay any additional tax.
A White House official familiar with the plan said it could end up being a higher 25%, Bloomberg News reported.
On top of that, the White House this week introduced plans to raise the payroll tax for Americans earning $400,000 or more from 3.8% to 5% to keep Medicare solvent for at least another quarter century. reported Fox Business.
Another aspect of this plan is that, in addition to investment, wages, and self-employed income, business Applies to income.
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