President Joe Biden is going after those who he feels aren’t paying their fair share such as Elon Musk and Jeff Bezos as his office plans to raise taxes for corporations and billionaires.
The old Democrat, 81, will make the announcement during the annual State of the Union address Thursday night. Corporate tax will rise from 21 percent to 25 percent and a 25 percent tax for those with wealth of over $100 million.
White House officials said Biden would preview the steps that will be part of a proposed fiscal 2025 budget released next week that aims to cut the federal deficit by $3 trillion while cutting taxes for low-income Americans.
Most of Biden’s tax proposals have little chance of enactment unless Democrats win strong majorities in both chambers of Congress in November, a sweep that polls suggest is unlikely.
The tax plans are expected to form a core part of Biden’s re-election campaign, contrasting markedly with presumptive Republican nominee Donald Trump, whose 2017 ‘Tax Cuts and Jobs Act’ slashed taxes on companies and the wealthy.
‘Congressional Republicans want to cut taxes even more for the wealthy and big corporations, all while adding more than $3 trillion to the debt,’ said Lael Brainard, director of the White House’s National Economic Council.
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