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.

Government Shutdown, Health Care, Tax Breaks=Perfect Storm

The shutdown over cuts to health subsidies for the poor stems from Trump’s OBBB plan, which critics say funneled trillions to the wealthy.

3I/Atlas Comet or UFO Arrives Tomorrow!

The 3I/Atlas object is hurtling toward our solar system on a strange path and composition, set to pass behind the sun, obscuring visual and radio tracking.

‘I’d Be Finished’: Vaccine Researcher Trashes Own Study to Save Career

Most doctors comply with the system, following orders to keep their jobs, income, and prestige, even if it means setting aside independent judgment.

Kamala, Please Run Again

Kamala Harris hinted she wants to run for President in 2028, despite poor poll numbers and her loss in 2024. If she runs, the big winners will be the GOP.

Rosie O’Donnell vs. Her Therapist

Rosie O’Donnell's therapist attempted to artfully introduce to her client to the possibility that Rosie's outrage might be performative. It didn’t take.

Federal Judge Extends Order Blocking Firings During Shutdown

A federal judge on Oct. 28 indefinitely blocked the Trump administration from firing federal employees during the ongoing federal government shutdown.

Los Angeles Dethrones Chicago as ‘Rattiest’ US City

Los Angeles has dethroned Chicago as the “rattiest” U.S. city after more than a decade, becoming the new top haven for rodents.

Prediction of Climate Catastrophe Loses Some of Its Strongest Advocates

Bill Gates says the “doomsday view” of climate catastrophe is wrong, signaling a major shift in the global warming debate.

DOJ to Review Biden’s Use of Autopen for Pardons

The DOJ will review the Biden administration’s use of an autopen for thousands of pardons, U.S. Attorney General Pam Bondi confirmed Tuesday.

Trump, Japanese PM Sign Critical Minerals, Rare Earths Deal

The U.S. president visited Tokyo on the second leg...

Trump Hikes Canada’s Tariffs by 10 Percent for Not Pulling Anti-Tariff Ad Immediately

Trump announced he will increase tariffs on Canada by 10% after ad by provincial government of Ontario misrepresented President Reagan’s speech on tariffs.

Trump Rolls Back Emissions Rules on Copper Smelters

President Trump issued a proclamation aimed at reversing a Biden-era environmental rule that enforced stricter air emission standards on copper smelters.

Donor Gives $130 Million to Cover Shortfall in Troop Pay During Shutdown

Trump announced on Oct. 23 that an anonymous donor sent $130M to cover military pay during the ongoing government shutdown.
spot_img

Related Articles

Popular Categories

MAGA Business Central