Biden Set to Unveil His 2025 Budget. Here’s What to Expect

Contact Your Elected Officials
The Epoch Times Header

The president is proposing to raise the corporate income tax rate to 28 percent from 21 percent.

President Joe Biden on March 11 will release his fiscal year 2025 budget, which is expected to feature major tax increases for the wealthy and businesses, reductions in defense expenditures, and initiatives to make housing more affordable.

The president’s budget plan, which outlines his financial priorities, will hold special symbolic significance this year as he seeks re-election.

Meanwhile, lawmakers are still struggling to fund the government for fiscal year 2024. They need to pass a second funding package of six bills, including one for defense, by the March 22 deadline.

This year, President Biden’s budget plan will be released 35 days late. Under the Congressional Budget Act of 1974, the president was supposed to submit his budget request to Congress on Feb. 5.

Here are a few highlights expected from the budget proposal for the fiscal year starting in October:

Tax Proposals

President Biden released a fact sheet ahead of his State of the Union address on March 7, previewing his tax proposals in his budget blueprint.

He proposes to raise the corporate income tax rate to 28 percent from 21 percent.

He also proposes increasing the corporate minimum tax rate to 21 percent. The minimum tax enacted as part of the Inflation Reduction Act in 2023 requires corporations with more than $1 billion in revenue to pay federal tax of at least 15 percent of their profits.

President Biden’s plan also quadruples the stock buyback tax in response to the surge in share buybacks by companies in recent years.

He proposes imposing a minimum tax on the wealthy, requiring them to pay at least 25 percent of their total income, including unrealized capital gains, each year.

“Do you really think the wealthy and big corporations need another $2 trillion in tax breaks?” President Biden asked during his State of the Union address on March 7. “I sure don’t. I’m going to keep fighting like hell to make it fair.”

He also said he wouldn’t increase taxes for those earning less than $400,000.

By Emel Akan

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

How The Big Beautiful Bill Will Keep Louisiana’s Energy Industry Strong

Renewable or not, our federal govt should not be rigging the deck against any energy sources, especially nuclear power that is both clean and consistent.

On Declaring War, Congress De Facto Amended the Constitution

Congress has de facto amended the Constitution by 55 years of refusing to debate matters of war and peace.

AOC – Acting On Cue

It is easy to dislike Alexandria Ocasio-Cortez (AOC), also known as Sandy Cortez, because she is fraudulent and not to smart.

LGBTQ™ Propaganda Roundup: Tampon Tim Walz Fails the Test

LGBTQ™ Propaganda Roundup: Nip/tucking the latest social engineering fisted...

AI is Now an Existential Threat

We now see evidence that artificial intelligence is an existential threat to our future. It is coming to take American jobs!

These Energy Tax Credits Are on Chopping Block in GOP Megabill

A revised Senate Republican megabill to implement Trump’s agenda hastens terminations of tax credits for renewable energy development, but offers new tax inducement for coal production.

DOJ Sues LA Over Sanctuary City Policies: 4 Things to Know

DOJ filed a lawsuit against Los Angeles over what it said are “sanctuary city” policies that shield illegal immigrants from deportation efforts.

Rep. Dusty Johnson Will Run for Governor of South Dakota

U.S. Rep. Dustin Michael “Dusty” Johnson has announced that he will run for governor of South Dakota during the general election to that office in 2026.

Moderna to Ask for Clearance for Combination COVID-Influenza Vaccine

Moderna is going to ask regulators to approve its combination vaccine against COVID-19 and influenza, the company said on June 30.

Federal Reserve ‘Should Be Ashamed’ for Not Lowering Interest Rates, Trump Says

President Donald Trump said Federal Reserve Chair Jerome Powell and his colleagues “should be ashamed” for not lowering interest rates.

Trump Signs Executive Order to Lift Sanctions on Syria

President Trump signed an EO on June 30 to lift most sanctions on Syria, giving the Middle-Eastern country an opportunity to develop economically.

Canada-US Trade Talks Will End Until ‘Certain Taxes’ Are Dropped, Trump Stresses

Trade discussions between Canada and the United States will end “until such time as they drop certain taxes,” U.S. President Trump said in an interview.

Trump Says US to Send Tariff Letters to Trade Partners Before July 9 Deadline

President Donald Trump said Sunday he will soon send letters to trading partners detailing the tariffs to be imposed on their exports to the United States.
spot_img

Related Articles