'President Biden's budget proposal presents a bold vision for what tax justice should look like in America,' said one expert.
As part of his fiscal year 2024 budget blueprint unveiled Thursday, Biden calls for a 25% minimum tax on the wealthiest 0.01%; reforms to ensure high-income individuals pay their fair share into the Medicare Hospital Insurance trust fund; and repealing 2017 tax cuts and restoring the top tax rate of 39.6% for people making over $400,000 a year.
Along with pushing for raising the corporate tax rate from 21% to 28%—which is still far below the 35% rate that was in place prior to Republicans' 2017 tax overhaul—the president advocates expanding the child tax credit while eliminating tax subsidies for cryptocurrency transactions, fossil fuel companies, and real estate.
"The tax policies laid out in this budget are fair, popular, and long overdue," she declared."The next time someone claims that we can't afford to protect Social Security and Medicare for future generations—or that we need to cut popular investments in education, healthcare, housing, or clean energy—show them President Bident's latest budget proposal and ask them why they care so much about protecting the ultrawealthy from paying their fair share.
"The provisions would raise substantial revenue, fund important priorities, and increase tax fairness," she stressed."The revenue raisers are laser-focused on taxing very wealthy individuals and corporations, and the budget would reduce the deficit while easing costs for American families, particularly for middle and low-income parents.
Responding on Twitter, Biden said that"extreme MAGA House Republicans are showing us what they value: tax breaks for the rich."
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