Joe Biden will propose to the US Congress to approve a minimal tax 25% for billionaires. This was reported by White House sources to Bloomberg Agency, a few hours after the presentation of the budget for the fiscal year 2024. The US President’s plan also provides for an almost double tax increase for capital gainsfrom 20% to 39.6%, and an increase in fees on the incomes of large companies and unemployment of Americans.
All as part of an ambitious plan to cut the federal deficit by $3 trillion over ten years.
Proposal in light of a vote in 2024
proposal, he writes bloomberg, mimics the multi-billion-dollar Build Back Better package, but has little chance of benefiting from a congressional green light, especially now that Republicans have taken control of the House. Biden failed to get a green light for a similar fiscal tightening when Democrats controlled both houses of Congress, settling for looser legislation focused on energy and health policy, which is now famous. Inflation Reduction Act.
However, the text, always emphasized by Bloomberg, highlights both the Democrats’ strategy in light of the debt ceiling negotiations and public spending, and the economic platform based on the Biden campaign. Administration officials say the proposals show a commitment to deficit reduction — cutting revenues by $3 trillion over the next decade — and represent a return to tax levels that prevailed before the previous tax reformer, President Donald Trump.
Minimum tax of 25% and double taxes on capital gains
Taxes on the wealthy and large corporations have been a mantra for progressives for years, and polls show good acceptance among American voters. House Speaker Kevin McCarthy immediately dismissed Biden’s tax hike plans, telling reporters on Wednesday, “I don’t think raising taxes is the answer.”
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