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.

The Paradoxical Patriot: The political odyssey of Frank S. Meyer

In his book, Daniel J. Flynn examines the ideological evolution of one of conservatism’s most paradoxical and overlooked architects, Frank S. Meyer. 

This Is America: Target™ Reparations

“This Is America” explores the cultural undercurrents pulling Western...

Blind Man’s Shutdown

Congress is playing the equivalent of Bind Man's Bluff. With the shout “tag your it” they seek to blame the other party for the government shutdown.

A Reluctant Acknowledgment: What Conservatives Can Admire in Everyday Progressives

Admirable ideological qualities seen in liberals and left-wing individuals are those of the everyday believer not their political leadership.

Ensuring Domestic Tranquility

The Supremacy Clause in Article VI of the U.S. Constitution establishes it as the highest law of the land, taking precedence over conflicting state laws.

Hegseth Says Military Has Every Authorization Needed for Strikes on Drug Boats

Defense Sec. Pete Hegseth said the U.S. military is authorized to strike drug-running boats off Venezuela’s coast in the Caribbean Sea.

White House Official Says Layoffs Will Start Soon If Shutdown Talks Go Nowhere

Kevin Hassett said layoffs to federal workforce could occur quickly if negotiations with Democrats to reopen the government don’t lead to progress.

20 Teachers in California Facing Disciplinary Action for Posts on Charlie Kirk

California school districts move to discipline teachers for derogatory social media posts about the assassination of Charlie Kirk.

Trump Coal Boost Gains Momentum as Bids, Land Opened Up

Trump administration accelerates coal expansion with new leases, mine permits, and 13.1 million acres of federal land opened for coal mining.

Department of Energy Cancels $7.5 Billion in Project Funding

The Dept of Energy (DOE) said on Oct. 2 that it had terminated 321 federal grants funding 223 projects, amounting to about $7.56 billion in cuts.

White House Withdraws EJ Antoni’s Nomination to Lead Bureau of Labor Statistics

The White House has withdrawn economist EJ Antoni’s nomination to lead the Bureau of Labor Statistics, the White House confirmed on Sept. 30.

US to Impose 100 Percent Tariffs on Foreign-Made Movies, Trump Says

President Donald Trump announced on Sept. 29 that he will impose a 100 percent tariff on all movies produced outside the United States.

Trump to Host Netanyahu at White House to Discuss Gaza Peace Plan

President Trump will host Israeli Prime Minister Netanyahu at the White House on Sept. 29 to discuss a ceasefire and broader peace plan for Gaza.
spot_img

Related Articles

Popular Categories

MAGA Business Central