On Thursday, Biden will announce a proposal to deny corporations a tax deduction when they pay over $1 million to any employee, which White House officials argue will combat skyrocketing executive pay seen in recent years.
He will also highlight his plans to bump the corporate tax rate up to 28 percent from the level set by former President Trump’s 2017 tax cuts, which put it at 21 percent. His plan includes ensuring that billion-dollar corporations pay at least 21 percent of their income in taxes and imposes a 21 percent rate on multinational corporations.
Trump’s tax cuts are on the line in the 2024 election, with Democrats opposing a blanket extension of the law but Republicans hoping to extend it if they win Congress and the White House.
Also on Thursday, Biden will highlight that he is proposing a 25 percent minimum tax on the wealthiest 0.01 percent of Americans with a wealth of more than $100 million and that he wants to restore the expanded child tax credit to include 18 million more children.
The tax man is coming...
