Biden Proposes Tax on Billionaires as Way to Fund Economic Agenda – The New York Times

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The White House’s budget also calls for other tax increases on the rich. It would raise the top individual income tax rate to 39.6 percent from 37 percent, reversing the 2017 tax cut ushered in by President Donald J. Trump. A White House official noted that it was the same top rate that was in place during the Obama administration. The rate would apply to unmarried individual taxpayers with income of $400,000 or more and married individuals with income of $450,000 or more, a Treasury official said.

Mr. Biden also proposed increasing the corporate tax rate to 28 percent from 21 percent, a partial rollback of the corporate tax cut in the 2017 law.

The call to increase in the corporate tax rate drew criticism from the retail industry on Monday.

“Leading retailers are extremely disappointed to see a tax plan from the president that revives earlier failed plans to raise the corporate tax rate to 28 percent,” said Hana Greenberg, vice president of tax at the Retail Industry Leaders Association. “Practically, this tax increase would disproportionally punish retailers who already pay their full freight in corporate taxes.”

All told, the tax proposals amount to a $2.5 trillion tax increase over a decade.

It is unclear whether any of the proposals will be able to gain enough support in Congress to become law. Previous efforts to raise taxes on the wealthy and corporations have run into resistance from moderate Democrats, including Senators Joe Manchin III of West Virginia and Kyrsten Sinema of Arizona.

Source Article from https://www.nytimes.com/2022/03/28/us/politics/biden-billionaire-tax.html

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