In the State of the Union address, President Biden announced several tax-related proposals. In a nutshell, he vowed to raise taxes on the wealthiest Americans, increase the corporate minimum tax, cut executive pay tax deductions and curb corporate jet tax breaks. Specifically, Biden renewed his call for a “billionaire” tax. It would impose a 25% minimum tax on income for taxpayers with wealth of more than $100 million. Regarding the corporate minimum tax, he’s proposed to increase it from 15% to at least 21%. It would apply to companies that report more than $1 billion in profit. Whether these tax proposals have a chance of becoming law rests largely with the outcomes of November’s election.
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