Biden's Economic Plan and Tax Proposals

SOURCE www.barrons.com
US President Joe Biden is expected to advocate for higher corporate taxes and taxes on the wealthy in his State of the Union speech as part of his economic plan, aiming to lower the federal deficit and provide tax cuts for lower-income citizens.

Key Points

  • Higher corporate tax rate of 28%
  • Corporate minimum tax of 21%
  • 25% minimum tax on billionaires
  • Efforts to reduce unfair pricing and junk fees for consumers

Pros

  • Aims to address concerns of voters and lower the federal deficit
  • Includes tax cuts for lower-income citizens

Cons

  • Requires strong majorities in both chambers of Congress, which seems unlikely
  • Opposition from Republicans who want to cut taxes for the wealthy