Biden to unveil tax hikes on wealthy Americans, corporations

Washington : US President Joe Biden will make a renewed push to overhaul the nation’s tax code and dramatically raise the rates paid by corporations and wealthy Americans, the media reported.
The President is expected to lay out the tax hikes on Thursday as part of his budget blueprint for federal spending in fiscal 2024, which begins in October. The higher taxes would likely be borne by Wall Street and the top sliver of US households, Fox Business reported.
Biden previewed some proposals during his State of the Union address in February, when he called for steeper taxes on billionaires and floated quadrupling the current 1per cent levy on corporate stock buybacks.
“I’m a capitalist. But just pay your fair share,” he said in the speech. “And I think a lot of you at home agree with me that our present tax system is simply unfair.” The so-called billionaire’s tax would impose a 20 percent rate on both income and unrealized capital gains, including stock and property of US households worth more than $100 million, or about 0.01 percent of Americans, Fox Business reported.
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