What you need to know about President Biden’s new budget
1 year, 9 months ago

What you need to know about President Biden’s new budget

LA Times  

President Biden walks to Marine One on the South Lawn of the White House on Thursday, when he presented his budget in Pennsylvania. The plan includes new tax increases on wealthy Americans and corporations that are designed to offset new spending on social programs and trim the federal deficit by nearly $3 trillion over the next decade. Other congressional Republicans also dismissed Biden’s budget blueprint, signaling a tough fiscal showdown as the two parties hash out differences over spending cuts and raising the federal debt ceiling. Biden’s so-called billionaire tax would impose a 25% minimum income tax on the wealthiest 0.01% of Americans, a significant increase from the 20% minimum tax on multimillionaires and billionaires that he floated last year. Biden also wants to expand Medicare’s ability to negotiate lowering the cost for prescription drugs, which the White House said will cut federal spending by $160 billion over a decade.

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History of this topic

What we know about Kamala Harris’s tax plans
3 months, 3 weeks ago

What we know about Kamala Harris’s tax plans

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. In her keynote address at the Democratic National …

Biden urged to raise income tax to tackle dangerous US debt
5 months, 4 weeks ago

Biden urged to raise income tax to tackle dangerous US debt

The Telegraph  

Joe Biden must raise income tax and cut pensions spending to slow the dangerous rise in the US national debt, the Organisation for Economic Cooperation and Development has said. Corporate taxes also need to go up, economists suggest, while the US president needs to find a way to control spending on healthcare. The group urged Mr Biden – or Donald …

US President Joe Biden, Jill Biden release tax return, showing $620,000 in income; As Donald Trump refrains
8 months, 1 week ago

US President Joe Biden, Jill Biden release tax return, showing $620,000 in income; As Donald Trump refrains

Live Mint  

US President Joe Biden and First Lady Jill Biden publicly released their 2023 tax return on Monday, carrying on a tradition of transparency temporarily interrupted under predecessor Donald Trump. Joe Biden also reported paying $30,908 in Delaware income taxes, while Jill Biden paid $3,549 in Virginia income taxes. "President Biden believes that all occupants of the Oval Office should be …

Tax Day reveals a major split in how Joe Biden and Donald Trump would govern
8 months, 1 week ago

Tax Day reveals a major split in how Joe Biden and Donald Trump would govern

Associated Press  

Follow live: Updates from AP’s coverage of the presidential election. WASHINGTON — Tax Day reveals a major split in how Joe Biden and Donald Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy. Raise your hand,” Biden said Tuesday at …

Biden heads to his hometown of Scranton, Pennsylvania, to talk about taxes
8 months, 1 week ago

Biden heads to his hometown of Scranton, Pennsylvania, to talk about taxes

Associated Press  

WASHINGTON — President Joe Biden is headed to his hometown of Scranton, Pennsylvania on Tuesday to talk about who he believes should be paying more in taxes and who should be paying less. Biden’s campaign said in an announcement on Friday the upcoming speech on the day after Tax Day in the U.S. would “drive home a simple question: ‘Do …

Biden unveils a budget that would cut costs for families and hike taxes for the rich
9 months, 2 weeks ago

Biden unveils a budget that would cut costs for families and hike taxes for the rich

NPR  

Biden unveils a budget that would cut costs for families and hike taxes for the rich Enlarge this image toggle caption Kevin Dietsch/Getty Images Kevin Dietsch/Getty Images The White House unveiled a new $7.3 trillion federal budget proposal on Monday, a plan that would hike taxes on billionaires and large corporations to pay for programs that would cut costs for …

Biden to call in State of the Union for business tax hikes, middle class tax cuts and lower deficits
9 months, 2 weeks ago

Biden to call in State of the Union for business tax hikes, middle class tax cuts and lower deficits

Associated Press  

WASHINGTON — President Joe Biden is going into Thursday’s State of the Union address with an expanded plan to raise corporate taxes and use the proceeds to trim budget deficits and cut taxes for the middle class. State of the Union 2024 President Joe Biden delivered his 2024 State of the Union address, hammering Republican lawmakers on immigration, tax policy …

Biden rolls out budget plan, challenges GOP to follow suit
1 year, 9 months ago

Biden rolls out budget plan, challenges GOP to follow suit

Associated Press  

PHILADELPHIA — As political gridlock puts the government at risk of defaulting, President Joe Biden on Thursday made an opening bid with a budget plan that would cut deficits by $2.9 trillion over the next decade — a proposal that Republicans already intend to reject. “What are they going to cut?” Biden’s package of tax and spending priorities is unlikely …

Biden budget aims to cut deficits nearly $3T over 10 years
1 year, 9 months ago

Biden budget aims to cut deficits nearly $3T over 10 years

Associated Press  

WASHINGTON — President Joe Biden’s upcoming budget proposal aims to cut deficits by nearly $3 trillion over the next decade, the White House said Wednesday. Rohit Kumar, a former McConnell aide who is now an executive with the tax consultancy PwC, said Biden’s plan does matter “in terms of putting ideas out there.” He said that if Biden won a …

Biden to propose 25 percent minimum tax on US billionaires
1 year, 9 months ago

Biden to propose 25 percent minimum tax on US billionaires

Al Jazeera  

US president’s reported budget plan would also nearly double capital gains tax on investments. United States President Joe Biden will call on Congress to impose a 25 percent minimum tax on billionaires as part of a series of proposed tax hikes on wealthy individuals and corporations, according to a US media report. Biden’s proposed spending plan would also nearly double …

Biden sets up for an election fight with his budget proposal
1 year, 9 months ago

Biden sets up for an election fight with his budget proposal

Al Jazeera  

Biden’s proposal will face stiff opposition in Congress and has ‘little-to-no shot’ at becoming law, experts say. The White House refers to it as the “billionaire minimum income tax.” The budget includes a proposal to raise the corporate tax rate to 28 percent, higher than the current level but still below the 35 percent tax rate that prevailed before 2017 …

Joe Biden plans new taxes on the rich to help save Medicare
1 year, 9 months ago

Joe Biden plans new taxes on the rich to help save Medicare

Associated Press  

WASHINGTON — President Joe Biden on Tuesday proposed new taxes on the rich to help fund Medicare, saying the plan would help to extend the insurance program’s solvency by 25 years and provide a degree of middle-class stability to millions of older adults. He called Medicare a “rock-solid guarantee that Americans have counted on to be there for them when …

Joe Biden plans higher taxes on the rich to help fund Medicare: Report
1 year, 9 months ago

Joe Biden plans higher taxes on the rich to help fund Medicare: Report

Hindustan Times  

President Joe Biden on Tuesday proposed new taxes on the rich to help fund Medicare, saying the plan would help to extend the insurance program's solvency by 25 years and provide a degree of middle-class stability to millions of older adults. “The president’s plan would generate hundreds of billions of dollars – perhaps even approaching a trillion dollars – to …

Biden wants to tax people with large incomes to fund Medicare
1 year, 9 months ago

Biden wants to tax people with large incomes to fund Medicare

Firstpost  

Washington: U.S. President Joe Biden will propose raising the Medicare tax on high earners to help keep the federal insurance program solvent as part of his budget to be released on Thursday, the White House said. The tax increase is part of a package of proposals aimed at extending the solvency of the Medicare’s Hospital Insurance Trust Fund by at …

Biden will seek Medicare changes, up tax rate in new budget
1 year, 9 months ago

Biden will seek Medicare changes, up tax rate in new budget

The Hindu  

President Joe Biden wants to increase taxes to boost funding for Medicare and expand the programme's ability to negotiate lower costs for prescription drugs, according to advance details of his budget proposal being released later this week. The Medicare tax rate would rise from 3.8% to 5% on income exceeding $400,000 per year, including salaries and capital gains. “This modest …

Biden proposes new taxes on the rich to keep Medicare solvent
1 year, 9 months ago

Biden proposes new taxes on the rich to keep Medicare solvent

LA Times  

President Biden, shown speaking at an International Assn. President Biden on Tuesday proposed new taxes on the rich to help fund Medicare, saying the plan would help to extend the insurance program’s solvency by 25 years and provide a degree of middle-class stability to millions of older adults. He called Medicare a “rock-solid guarantee that Americans have counted on to …

Biden’s budget plan: Higher taxes on rich, lower deficits
2 years, 8 months ago

Biden’s budget plan: Higher taxes on rich, lower deficits

Associated Press  

WASHINGTON — President Joe Biden announced a budget blueprint Monday that calls for higher taxes on the wealthy, lower federal deficits, more money for police and greater funding for education, public health and housing. Appearing at the White House with his budget director Shalanda Young, Biden said the proposal sends a clear message to the public about “what we value.” …

Biden’s budget blueprint: Higher taxes on wealthy, lower deficits
2 years, 8 months ago

Biden’s budget blueprint: Higher taxes on wealthy, lower deficits

Al Jazeera  

The US budget plan also calls for more money for police and greater funding for education, public health and housing. US President Joe Biden released a budget blueprint Monday that calls for higher taxes on the wealthy, lower federal deficits, more money for police and greater funding for education, public health and housing. The proposal lists another $1.4 trillion in …

Biden budget seeks minimum tax on households worth $100m
2 years, 8 months ago

Biden budget seeks minimum tax on households worth $100m

Associated Press  

WASHINGTON — President Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade, according to a fact sheets released Saturday by the White House budget office. The minimum tax would effectively prevent the wealthiest sliver of America from paying …

What’s in, and what’s out, as House nears vote on Biden bill
3 years, 1 month ago

What’s in, and what’s out, as House nears vote on Biden bill

Associated Press  

WASHINGTON — President Joe Biden’s now- $1.85 trillion plan to boost social and education programs as well as protect against global warming continues to be fine-tuned by Democrats in Congress with a new goal of completing work before Thanksgiving. TAX BREAKS — An expanded child tax credit would continue for another year. — The expanded Earned Income Tax Credit that …

Biden proposes $1.85 tn social security and climate plan
3 years, 1 month ago

Biden proposes $1.85 tn social security and climate plan

The Hindu  

In a bid to unite Democrats on Capitol Hill around an agenda-defining social security and climate action Bill, U.S. President Joe Biden visited Capitol Hill on Thursday morning, proposing a $1.85 trillion legislative package. Key elements left out The new ‘Build Back Better’ proposal, which has been linked to a $1 trillion infrastructure Bill that passed the Senate and is …

White House, Dems hurriedly reworking $2 trillion Biden plan
3 years, 2 months ago

White House, Dems hurriedly reworking $2 trillion Biden plan

Associated Press  

WASHINGTON — The White House and Democrats are hurriedly reworking key aspects of President Joe Biden’s $2 trillion domestic policy plan, trimming the social services and climate change programs and rethinking new taxes on corporations and the wealthy to pay for a scaled-back package. Biden later said the discussions are “down to four or five issues.” On one issue — …

White House, Democrats tangle over Biden bid to raise taxes
3 years, 3 months ago

White House, Democrats tangle over Biden bid to raise taxes

Associated Press  

WASHINGTON — President Joe Biden has a simple message for fellow Democrats about his plan to raise taxes to remake large swaths of the American economy: look beyond the bottom line. “Establishing an artificial $3.5 trillion spending number and then reverse-engineering the partisan social priorities that should be funded isn’t how you make good policy,” Manchin wrote in The Wall …

Biden offers tax deal to Republicans in infrastructure talks
3 years, 6 months ago

Biden offers tax deal to Republicans in infrastructure talks

Associated Press  

President Joe Biden is trying to break a logjam with Republicans on how to pay for infrastructure improvements, proposing a 15% minimum tax on corporations and the possibility of revenues from increased IRS enforcement as a possible compromise. White House press secretary Jen Psaki said Biden examined possible tax code changes from his plans that Republicans might support. The idea …

Joe Biden’s $6T budget: Social spending, taxes on business
3 years, 6 months ago

Joe Biden’s $6T budget: Social spending, taxes on business

India TV News  

President Joe Biden is proposing a $6 trillion budget for next year that’s piled high with new safety net programs for the poor and middle class, but his generosity depends on taxing corporations and the wealthy to keep the nation’s spiking debt from spiraling totally out of control. “Our prosperity comes from the people who get up every day, work …

U.S. President Joe Biden’s $6 trillion budget: Social spending, taxes on business
3 years, 6 months ago

U.S. President Joe Biden’s $6 trillion budget: Social spending, taxes on business

The Hindu  

President Joe Biden on Saturday unveiled a $6 trillion budget for next year that’s piled high with new safety net programs for the poor and middle class, but his generosity depends on taxing corporations and the wealthy to keep the nation’s spiking debt from spiralling totally out of control. With the deficit largely unchecked, Mr. Biden would use proposed tax …

Biden, Harris release tax returns revealing income, donations
3 years, 7 months ago

Biden, Harris release tax returns revealing income, donations

Al Jazeera  

United States President Joe Biden restored a longstanding presidential tradition Monday by releasing his tax returns, showing that 25.9 percent of the first couple’s income went to the federal government in 2020. “I would expect that we will continue to release the president’s tax returns, as should be expected by every president of the United States,” White House press secretary …

Biden’s ‘Families Plan’ would tax rich to help schools, childcare, community college and more
3 years, 7 months ago

Biden’s ‘Families Plan’ would tax rich to help schools, childcare, community college and more

LA Times  

President Biden is proposing an ambitious $1.8-trillion, 10-year plan to subsidize American families’ education, child care, health insurance and job leave costs — an investment in workers intended to complement his earlier call for infrastructure spending and much more, to rebuild an economy hobbled by pandemic and economic inequality. The latest package would be paid for in part by turning …

President Biden seeks $80 billion to boost IRS tax audits
3 years, 7 months ago

President Biden seeks $80 billion to boost IRS tax audits

CNN  

CNN — President Joe Biden will seek $80 billion to fund enhanced Internal Revenue Service enforcement of high-earners to help pay for his American Families Plan, which he is set to unveil later this week, two sources briefed on the proposal told CNN. Biden is poised to unveil a roughly $1.5 trillion legislative proposal to invest hundreds of billions of …

What we know about Biden’s capital gains tax rate plan
3 years, 7 months ago

What we know about Biden’s capital gains tax rate plan

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Under his American Family Plan, the president will reportedly propose raising the capital gains …

Taxes: Biden’s stimulus delivered a bigger tax cut to lower-income Americans than the 2017 GOP reform, report shows
3 years, 7 months ago

Taxes: Biden’s stimulus delivered a bigger tax cut to lower-income Americans than the 2017 GOP reform, report shows

CNN  

CNN — While President Joe Biden and congressional Democrats are readying their plan to hike incomes taxes on the wealthy, a new government report shows that their $1.9 trillion relief package slashed taxes for lower- and moderate-income Americans for this year. This is a far bigger tax cut for Americans on the lower and middle rungs of the income ladder …

Biden vows to raise taxes on anyone earning more than $400,000
3 years, 9 months ago

Biden vows to raise taxes on anyone earning more than $400,000

LA Times  

President Biden acknowledges he’s unlikely to get support from Republican lawmakers for any type of tax hike but said he would get Democratic votes. President Biden promised Wednesday morning that any individual earning more than $400,000 a year would see some type of tax increase under his forthcoming economic plan. “Anybody making more than $400,000 will see a small to …

Joe Biden Releases 2019 Tax Returns Hours Before First Presidential Debate with Donald Trump
4 years, 2 months ago

Joe Biden Releases 2019 Tax Returns Hours Before First Presidential Debate with Donald Trump

News 18  

Democratic White House hopeful Joe Biden released his tax returns for the last four years Tuesday just hours before he debates President Donald Trump, who faces criticism for paying almost no federal tax. The former vice president and his wife Jill Biden, an educator, paid $299,346 in federal income taxes for 2019, according to forms filed with the Internal Revenue …

Trump’s Tax Revelation Could Tarnish Image That Fueled Rise
4 years, 2 months ago

Trump’s Tax Revelation Could Tarnish Image That Fueled Rise

Huff Post  

LOADING ERROR LOADING WASHINGTON — The bombshell revelations that President Donald Trump paid just $750 in federal income taxes the year he ran for office and paid no income taxes at all in many others threaten to undercut a pillar of his appeal among blue-collar voters and provide a new opening for his Democratic rival, Joe Biden, on the eve …

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