President Biden has released his fiscal year 2025 budget. The tax-related proposals aim to make wealthy individuals and corporations “pay their fair share” of taxes, according to a White House statement. Biden highlighted many of the proposals in his State of the Union speech. In the budget, Biden targets the tax avoidance of large, U.S. multinational corporations by proposing to increase the tax rate on their foreign earnings from 10.5% to 21%. The budget also calls for the elimination of tax deductions for any employee of a C corporation making more than $1 million. Biden is also calling for the elimination of tax breaks for corporate jet use. Will the proposals become reality? Stay tuned.
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