Half its original size, Biden’s big plan in race to finish
3 years, 1 month ago

Half its original size, Biden’s big plan in race to finish

Associated Press  

WASHINGTON — Half its original size, President Joe Biden’s big domestic policy plan is being pulled apart and reconfigured as Democrats edge closer to satisfying their most reluctant colleagues and finishing what’s now about a $1.75 trillion package. He vows any new taxes will hit only the wealthy, those earning more than $400,000 a year, or $450,000 for couples, and corporations he says must quit skipping out on taxes and start paying their “fair share.” But the White House had to rethink its tax strategy after Sinema objected to her party’s initial proposal to raise tax rates on corporations and the wealthy, With a 50-50 Senate, Biden has no votes to spare in his party. Rep. Richard Neal, D-Mass., the chairman of the Ways and Means Committee, said, “Our plan looks better every day.” Under the bill approved by Neal’s panel, the top individual income tax rate would rise from 37% to 39.6%, on those earning more than $400,000, or $450,000 for couples. He said he told Biden during their weekend meeting at the president’s home in Delaware that that plan was “messed up” and would allow the government to monitor bank accounts.

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History of this topic

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 …

Trump offers CEOs a tax cut, while Biden touts support for global alliances
6 months, 1 week ago

Trump offers CEOs a tax cut, while Biden touts support for global alliances

Associated Press  

WASHINGTON — Former President Donald Trump told an influential group of CEOs that he wants to further cut the corporate tax rate he lowered while in office, while President Joe Biden’s chief of staff separately told them that the Democratic incumbent’s emphasis on global alliances would help their businesses. Recent economic research indicates that Trump’s corporate tax cuts did boost …

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 …

​Joe Biden to propose massive tax raid on super rich and corporate America in tonight's State of the Union address with sweeping hikes including minimum corporate tax up from 15% to 21% and a 25% rate
9 months, 2 weeks ago

​Joe Biden to propose massive tax raid on super rich and corporate America in tonight's State of the Union address with sweeping hikes including minimum corporate tax up from 15% to 21% and a 25% rate

Daily Mail  

President Joe Biden plans to launch a raid on the super rich, hiking taxes for corporations and billionaires like Elon Musk and Jeff Bezos. He wants to raise the minimum corporate tax for big companies worth over $1 billion to 21 percent, up from the 15 percent he imposed earlier in his presidency. White House officials said Biden would preview …

Column: Something for Biden to brag about — his IRS funding more than pays for itself
9 months, 2 weeks ago

Column: Something for Biden to brag about — his IRS funding more than pays for itself

LA Times  

It goes without saying that President Biden will take the podium for Thursday’s State of the Union address armed with facts and figures of all that he’s accomplished for the American people during his term. That’s the outcome of a provision of the Inflation Reduction Act of 2022, which endowed the IRS with $80 billion in new funding over 10 …

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 …

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 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.” …

Column: A billionaires tax is a necessity. Even the White House knows it
2 years, 8 months ago

Column: A billionaires tax is a necessity. Even the White House knows it

LA Times  

After years of largely theoretical discussion among Democrats, the idea of a billionaires tax has now become official policy. — President Biden, introducing his billionaires tax Biden has now made it mainstream, though his plan is somewhat more modest than the others — his proposal for a wealth tax would raise about $360 billion over 10 years, according to the …

Here’s how Biden’s billionaire income tax would work
2 years, 8 months ago

Here’s how Biden’s billionaire income tax would work

Al Jazeera  

The United States Congress still has to approve the measure for it to go into effect. A “Billionaire Minimum Income Tax” is included in US President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the United States federal deficit over the next decade and fund new spending. The budget proposes that households worth …

Biden to propose new minimum tax on wealthiest Americans
2 years, 8 months ago

Biden to propose new minimum tax on wealthiest Americans

Live Mint  

WASHINGTON : President Biden will propose a new minimum tax on households worth more than $100 million as part of his annual budget, the White House said Saturday, in a bid to ensure the very wealthiest Americans pay at least 20% in tax on their income and rising asset values each year. The biggest chunk of money in the new …

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 …

Tax on America’s wealthiest households could erase half of country’s out-of-pocket health costs, report finds
2 years, 11 months ago

Tax on America’s wealthiest households could erase half of country’s out-of-pocket health costs, report finds

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. An annual wealth tax applied to the world’s …

Taxing extreme wealth could lift 2.3 billion people out of poverty
2 years, 11 months ago

Taxing extreme wealth could lift 2.3 billion people out of poverty

CNN  

Editor’s Note: Chuck Collins directs the Program on Inequality and co-edits Inequality.org at the Institute for Policy Studies. As inequalities in income, wealth and access to health care have accelerated, the world’s most economically precarious people have suffered far more than their fair share of death and economic loss. According to a new report published by Fight Inequality Alliance, the …

Column: Another day, another billionaire whining about a wealth tax
3 years, 1 month ago

Column: Another day, another billionaire whining about a wealth tax

LA Times  

Whatever you may think of U.S. economic performance, there can be no doubt that America leads the world in its production of whining billionaires. — Billionaire Leon Cooperman He was also solicited to give his view of how to define “wealth.” Bloomberg anchor Tom Keene opened the conversation by disdaining the notion that $400,000 in annual income is “filthy rich.” …

Biden’s billionaire levies must not cue bad ideas
3 years, 1 month ago

Biden’s billionaire levies must not cue bad ideas

Live Mint  

How the wealthy are taxed in America, where being rich was glorious long before China caught on, is of concern to capitalists everywhere for the cues that other regimes might take. Tax-and-spend has made a big comeback in the US under President Joe Biden, whose huge social-spending plan he had promised to finance by taxing only the super-rich. Moreover, as …

‘Stupid’ and ‘insane': Some billionaires vent over tax plan
3 years, 1 month ago

‘Stupid’ and ‘insane': Some billionaires vent over tax plan

Associated Press  

Elon Musk isn’t happy. “Eventually,” he tweeted Monday, “they run out of other people’s money, and then they come for you.” The Democratic proposal, unveiled Wednesday by Sen. Ron Wyden, would tax the gains of people with either $1 billion or more in assets, or three consecutive years of income of $100 million or more, at the capital gains tax …

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 …

EXPLAINER: What’s a ‘wealth tax’ and how would it work?
3 years, 1 month ago

EXPLAINER: What’s a ‘wealth tax’ and how would it work?

Associated Press  

To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires. The idea gained steam after the publication of French economist Thomas Piketty’s book “Capital in the Twenty-First Century.” Sen. Elizabeth Warren, D-Mass., made a 2% wealth tax a trademark policy in the 2020 presidential primaries, and fellow …

What is a wealth tax, and how would it work?
3 years, 1 month ago

What is a wealth tax, and how would it work?

LA Times  

To help pay for his big economic and social agenda, President Biden is looking to go where the big money is: billionaires. The idea gained steam after the publication of French economist Thomas Piketty’s book “Capital in the Twenty-First Century.” Sen. Elizabeth Warren made a 2% wealth tax a trademark policy of her 2020 presidential campaign, and fellow candidate Bernie …

Billionaire tax hits critics as Biden pushes for budget deal
3 years, 1 month ago

Billionaire tax hits critics as Biden pushes for budget deal

Associated Press  

WASHINGTON — The Democrats’ idea for a new billionaires’ tax to help pay for President Joe Biden’s social services and climate change plan quickly ran into criticism as too cumbersome with some lawmakers preferring the original plan of simply raising the top tax rates on corporations and the wealthy. “That’s my hope,” the president said before leaving his home state …

Biden ‘positive’ on budget deal; Manchin OK with wealth tax
3 years, 1 month ago

Biden ‘positive’ on budget deal; Manchin OK with wealth tax

Associated Press  

WASHINGTON — Pivotal Democratic Sen. Joe Manchin appears to be on board with White House proposals for new taxes on billionaires and certain corporations to help pay for President Joe Biden’s scaled-back social services and climate change package. House Speaker Nancy Pelosi said that even at “half” the original $3.5 trillion proposed, Biden’s signature domestic initiative would be larger than …

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 — …

Sinema’s opposition to raising the corporate tax rate leaves White House scrambling to pay for Biden’s agenda
3 years, 2 months ago

Sinema’s opposition to raising the corporate tax rate leaves White House scrambling to pay for Biden’s agenda

CNN  

CNN — Top Biden administration officials are now weighing a range of different ideas to finance a sweeping economic and climate package as opposition from Democratic Sen. Kyrsten Sinema has thrown initial plans to raise the corporate tax rate into doubt, according to two people familiar with the matter. While top administration officials regularly check in with key committee chairs, …

Big pressure on Biden, Dems to trim $3.5T federal overhaul
3 years, 2 months ago

Big pressure on Biden, Dems to trim $3.5T federal overhaul

Associated Press  

WASHINGTON — Pressure mounting, President Joe Biden and Democrats in Congress strained Tuesday to trim back his potentially historic $3.5 trillion government overhaul to win support from two key holdout senators ahead of make-or-break deadlines for votes. Assuming nothing, House Speaker Nancy Pelosi told reporters at the Capitol, “In the next day or so we hope to come to a …

Democrats seek corporate, wealthy tax hikes for $3.5T plan
3 years, 3 months ago

Democrats seek corporate, wealthy tax hikes for $3.5T plan

Associated Press  

WASHINGTON — House Democrats unveiled a sweeping proposal for tax hikes on big corporations and the wealthy to fund President Joe Biden’s $3.5 trillion rebuilding plan, as Congress speeds ahead to shape the far-reaching package that touches almost all aspects of domestic life. Rep. Richard Neal, D-Mass., the chairman of the tax-writing Ways & Means Committee, said Monday the proposals, …

Democrats seek corporate, wealthy tax hikes for $3.5T plan
3 years, 3 months ago

Democrats seek corporate, wealthy tax hikes for $3.5T plan

Associated Press  

WASHINGTON — House Democrats unveiled a sweeping proposal Monday for tax hikes on big corporations and the wealthy to fund President Joe Biden’s $3.5 trillion rebuilding plan, as Congress speeds ahead to shape the far-reaching package that touches almost all aspects of domestic life. Rep. Richard Neal, D-Mass., the chairman of the tax-writing Ways & Means Committee, said the proposals, …

Democrats look to hike taxes on the rich and corporations to pay for $3.5 trillion budget bill
3 years, 3 months ago

Democrats look to hike taxes on the rich and corporations to pay for $3.5 trillion budget bill

CNN  

CNN — House Democrats want to increase taxes on wealthy Americans and corporations to pay for their sweeping $3.5 trillion budget package. The draft proposal, which could still change before it is expected to be officially released Monday, calls for increasing the top marginal rate on individuals to 39.6%, up from the 37% rate set by the Republicans’ 2017 tax …

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 …

Top Dems leave door open to trimming Biden’s $3.5T price tag
3 years, 3 months ago

Top Dems leave door open to trimming Biden’s $3.5T price tag

Associated Press  

WASHINGTON — Congress’ two top Democrats seemed to leave the door open Wednesday to ultimately reducing the $3.5 trillion price tag of President Joe Biden’s plan to boost social and environment programs, illustrating party divisions they will spend weeks trying to resolve. “We will have our negotiations,” House Speaker Nancy Pelosi, D-Calif., told reporters, saying her chamber would produce “a …

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 …

Jamie Dimon calls Biden’s tax hike plan ‘a little crazy’
3 years, 7 months ago

Jamie Dimon calls Biden’s tax hike plan ‘a little crazy’

CNN  

New York CNN Business — Several top business leaders have backed President Joe Biden’s plan to raise taxes on large corporations and the wealthy and spend more on infrastructure. “I’m concerned about how the money’s going to be spent,” Dimon said in a recorded interview for the Investment Company Institute’s general membership meeting Thursday. “We already waste tremendous sums of …

Biden’s corporate tax plan takes aim at income inequality
3 years, 7 months ago

Biden’s corporate tax plan takes aim at income inequality

Associated Press  

WASHINGTON — From John Kennedy to Ronald Reagan to Donald Trump, American presidents have taken aim at corporate America’s tax-avoidance schemes before — and mostly missed. Many analysts see Biden’s corporate tax plan as a gamechanger — if Congress embraces it. Penn Wharton’s analysts estimate that a 21% minimum global tax and other international provisions of Biden’s tax plan would …

US: Biden to unveil $1.8 trillion family aid plan
3 years, 7 months ago

US: Biden to unveil $1.8 trillion family aid plan

Al Jazeera  

The White House called the proposal to expand educational opportunities and childcare for families a ‘once-in-a-generation’ plan. Marking his first 100 days in office, President Joe Biden is set to use his first joint address to Congress to pitch a $1.8 trillion investment in children, families and education that would fundamentally transform the role government plays in American life. In …

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 …

Column: Biden wants to hike the capital gains tax. The wealthy will fight him to the death
3 years, 8 months ago

Column: Biden wants to hike the capital gains tax. The wealthy will fight him to the death

LA Times  

President Biden is reportedly looking at reforms to the capital gains tax. As we’ve pointed out before, the capital gains tax is the quintessential rich person’s loophole. Biden could announce a proposal on the capital gains tax next week, Bloomberg reported, with the goal of using the tax to fund part of his infrastructure program. In 2021, couples with income …

Pros, cons and pragmatism: Biden’s plan to fund infrastructure
3 years, 8 months ago

Pros, cons and pragmatism: Biden’s plan to fund infrastructure

Al Jazeera  

Biden’s American Jobs Plan appears popular, but raising corporate taxes to pay for it is not seen by all as a silver bullet. To stop firms from shifting profits abroad to lower-tax jurisdictions, Biden’s plan involves getting other big economies to agree to a global minimum tax rate – an idea spearheaded by US Treasury Secretary Janet Yellen who wrote …

Joe Biden defends his $2.5tn infrastructure bill and business tax hikes
3 years, 8 months ago

Joe Biden defends his $2.5tn infrastructure bill and business tax hikes

Daily Mail  

President Joe Biden launched a full-throated defense of his corporate tax hike to fund his $2.3 trillion dollar infrastructure plan, saying he was tired of ordinary Americans being fleeced. Biden's tax proposal would hike the corporate tax rate to 28 per cent, increase the de facto global minimum tax and crack down on companies that pay little or no income …

Biden administration makes pitch for higher business taxes
3 years, 8 months ago

Biden administration makes pitch for higher business taxes

Live Mint  

The Biden administration is drilling down on the argument that higher corporate tax rates would ultimately help an ailing economy, saying the resulting infrastructure investments would boost growth. Treasury Secretary Janet Yellen said Wednesday it was “self-defeating” for then-President Donald Trump to assume that cutting the corporate tax rate to 21% from 35% in 2017 would make the economy more …

What Matters: Taxes will have to go up for someone
3 years, 8 months ago

What Matters: Taxes will have to go up for someone

CNN  

A version of this story appeared in CNN’s What Matters newsletter. Treasury Secretary Janet Yellen laid out the balance sheet, blaming the GOP tax plan for the red ink as she pitched the president’s plan to raise the corporate tax rate. CNN’s Tamie Luhby and Katie Lobosco write: Noting that corporate tax collections have fallen to their lowest level since …

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