Current:Home > NewsBiden to call in State of the Union for business tax hikes, middle class tax cuts and lower deficits-DB Wealth Institute B2 Expert Reviews
Biden to call in State of the Union for business tax hikes, middle class tax cuts and lower deficits
View Date:2024-12-24 10:50:22
WASHINGTON (AP) — 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.
The Democratic president in this election year is refining the economic agenda that he’s been pushing since the 2020 presidential race, trying to show that he is addressing voters’ concerns about the cost of living. With Republican control of the House, Biden’s agenda is unlikely to become law and serves as something of a sales pitch to voters.
In a preview of Biden’s remarks, aides including Lael Brainard, director of the White House National Economic Council, said the president would contrast his proposals with Republican plans to extend former President Donald Trump’s expiring tax breaks and further slash corporate tax rates.
Under Biden’s proposal, corporations would no longer be able to deduct the expense of employee pay above $1 million, which could raise $270 billion over 10 years. He also wants to raise the corporate tax rate to 28% from 21%, among other measures. And, as Biden has previously proposed, major companies would be charged a minimum tax rate so that they could not avoid the IRS through accounting maneuvers, deductions and specialized tax breaks.
Billionaires would need to pay a minimum of 25% in federal taxes on their income under his plans. People earning more than $400,000 would also pay higher Medicare taxes to ensure the program’s financial viability.
Biden would use some of those revenues to pay for expansions of the Earned Income Tax Credit and Child Tax Credit, which would help lower-income families. He is also seeking to permanently make health insurance premiums lower for those who receive their medical coverage through the 2010 Affordable Care Act.
Aides said Biden’s forthcoming budget plan would trim the national debt by $3 trillion over 10 years, similar to what he pitched in last year’s budget proposal, which was not approved by Congress.
veryGood! (4337)
Related
- 'Gladiator 2' review: Yes, we are entertained again by outrageous sequel
- Kentucky clerk who opposed gay marriage appeals ruling over attorney fees
- Sextortion scams run by Nigerian criminals are targeting American men, Meta says
- Suburban Alabama school district appears headed toward state oversight
- Republican Vos reelected as Wisconsin Assembly speaker despite losing seats, fights with Trump
- RHONJ's Teresa Giudice Calls Out Haters and Toxicity Amid Major Season 14 Cast Drama
- Hydrothermal explosion at Yellowstone National Park's Biscuit Basin damages part of boardwalk
- Retired and still paying a mortgage? You may want to reconsider
- At age 44, Rich Hill's baseball odyssey continues - now with Team USA
- Matthew Macfadyen felt 'miscast' as Mr. Darcy in 'Pride & Prejudice': 'I'm not dishy enough'
Ranking
- Volkswagen, Mazda, Honda, BMW, Porsche among 304k vehicles recalled: Check car recalls here
- Los Angeles Zoo sets record with 17 California condor chicks hatched in 2024
- Where to watch men's Olympic basketball? Broadcast, streaming schedule for Paris Games
- Jennifer Aniston Calls Out J.D. Vance's Childless Cat Ladies Comments With Message on Her IVF Journey
- Why Outer Banks Fans Think Costars Rudy Pankow and Madison Bailey Used Stunt Doubles Amid Rumored Rift
- Andrew Tate’s defamation lawsuit against human trafficking accuser can go to trial, judge says
- Jimmy Carter, 99, Is Still Alive Despite Death Hoax
- Families of victims in Maine mass shooting say they want a broader investigation into killings
Recommendation
-
University of Illinois Urbana-Champaign chancellor to step down at end of academic year
-
Pennsylvania State Police corporal shot, wounded while serving warrant
-
'How dare you invite this criminal': DC crowds blast Netanyahu before address
-
Will Russia be at Paris Olympics? These athletes will compete as neutrals
-
Garth Brooks wants to move his sexual assault case to federal court. How that could help the singer.
-
Jon Voight criticizes daughter Angelina Jolie for views on Israel-Hamas war
-
Jennifer Lopez Shares Glimpse Inside Lavish Bridgerton-Themed Party for 55th Birthday
-
Below Deck’s Kate Chastain Shares Drama-Free Travel Hacks for Smooth Sailing on Your Next Trip