Higher taxes on wealthy Americans and corporations are a key tenet of President Biden's 2025 budget request as he seeks to reduce the federal deficit.
President Biden proposed an array of tax hikes in his annual budget request to Congress that would dramatically raise the rates paid by corporations and wealthy Americans. The president laid out the tax hikes Monday as part of his sweeping budget blueprint for federal spending in fiscal 2025, which begins in October. The higher taxes would be borne largely by Wall Street and the top sliver of U.S. households.
The budget proposal would lift the corporate tax rate to 28% from 21%, rolling back a key part of former President Donald Trump's 2017 tax law. The measure also calls to increase taxes that U.S. companies owe on their foreign earnings to 21% — nearly double the current 10.5% rate. Biden is also pushing to increase the Medicare tax rate paid by wealthy Americans. YOUR TAX BILL COULD BE MUCH LOWER THIS YEAR - HERE'S WHY The proposal would raise Medicare taxes from 3.
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