President Joe Biden unveiled the third budget of his presidency, vowing to increase spending, raise taxes, and reduce the federal deficit.
Over the next decade, the $6.8 trillion budget (pdf) proposes approximately $5.5 trillion in tax increases on high-income earners and corporations.
The White House includes a 25 percent minimum tax on the wealthiest Americans with more than $100 million. This consists of all of their income, including appreciated assets, “because no billionaire should ever pay a lower tax rate than a schoolteacher or a firefighter.
President Biden’s budget suggests increasing the corporate tax rate from 21 percent to 28 percent, ensuring that “large corporations pay their fair share.” The administration estimates this would generate $1.326 trillion in revenue….