Biden Pushes for Tax Increases on Billionaires and Corporations to Reduce Budget Deficit

Biden said at the beginning of this month that he mainly wants billionaires to pay more taxes. People who earn less than $400,000 a year will not be taxed more heavily under the plans.

The president wants to increase corporate taxes for companies from 21 percent to 28 percent. Companies will also have to pay significantly more to buy back their own shares.

As a Democrat, Biden is under pressure from Republicans who threaten not to raise the US debt ceiling if he does not agree to sharp cuts. The president himself says he aims to reduce the budget deficit by $2 trillion in 10 years, or $200 billion per year. The tax increases should contribute to this.

2024-03-11 19:52:00
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