Biden Unveils Tax Plans for Wealthy and Corporations

President Joe Biden’s State of the Union address last Thursday unveiled tax proposals aimed at the wealthy and large corporations, alongside new tax credits. Biden highlighted the urgency to make health insurance premiums permanent, proposing $800 annual tax credits per person to reduce healthcare premiums. Also, he emphasized the need for higher taxes on the wealthy and corporations to cut the federal deficit, proposing a minimum tax on billionaires and an increase in corporate taxes. However, his plans face opposition, with Senator Katie Britt critiquing his administration’s policies. Tax experts speculate on the challenges ahead, noting Biden’s focus on corporate tax reforms, although his agenda faces hurdles in a politically divided environment, with key bills like the Tax Relief for American Families and Workers Act of 2024 stalled in the Senate.

If you would like to read more, please visit: