Biden’s New Budget Proposal Targets Billionaires and Corporations
Biden has a goal to reduce the federal budget deficit by $3T over the next decade.
And now it’s all outlined in his 184-page budget report to Congress — released yesterday.
You don’t have to squint to see all the proposed tax rate increases on corporations and the rich:
- 25% minimum tax on billionaires.
- 39.6% capital gains tax on investments — up from 20%.
- 39.6% tax rate on those earning over $400K — up from 37%.
- 28% corporate tax rate — up from 21%.
Such a move would reverse Trump’s tax cuts which have helped boost corporate earnings since 2018.
Will we ever see any of these proposals in the near term? Highly unlikely. The bill has little chance of passing Congress with Republicans controlling the House, per Bloomberg.
Politico was told by administration officials that even they know the proposed budget is not going anywhere — and was told it’ll be the basis of Biden’s pitch for reelection.
Other requests in the proposal:
- Increase defense spending to over $835B (one of the largest defense budgets in history).
- Cut prescription drug prices to save over $200B in the next decade — and give the government more drug pricing negotiation.
- Remove special tax preferences for the oil and gas industry, end crypto wash sales and more.
How are the goons of billionaires responding?