President Biden’s new budget proposal would raise taxes on the ultra-wealthy and on corporations, generating revenue and reducing the federal deficit, according to the White House.
WASHINGTON (Nexstar) — President Biden’s new budget proposal would raise taxes on the ultra-wealthy and on corporations, generating revenue and reducing the federal deficit, according to the White House. In his newly unveiled budget proposal, Biden includes a plan to impose a 20% tax on the income of those who are worth more than $100 million. The president’s new budget proposal would also raise the corporate rate from 21% to 28%. “Right now billionaires pay an average rate of 8% on their total income,” Biden said.
