State of the Union: Biden to push wealth, company tax ideas
By David Lawder
WASHINGTON (Reuters) — U.S. President Joe Biden on Thursday will escalate his crusade to push wealthy Americans and large companies to pay more in taxes in his State of the Union address, unveiling proposals to hike the corporate minimum tax and curb deductions for executive pay and corporate jets.
White House officials said Biden would preview the steps that will be part of a proposed fiscal 2025 budget released next week that aims to cut the federal deficit by $3 trillion while cutting taxes for low-income Americans.
The tax plans are expected to form a core part of Biden's re-election campaign, contrasting markedly with presumptive Republican nominee Donald Trump, whose 2017 «Tax Cuts and Jobs Act» slashed taxes on companies and the wealthy.
«Congressional Republicans want to cut taxes even more for the wealthy and big corporations, all while adding more than $3 trillion to the debt,» said Lael Brainard, director of the White House's National Economic Council. «President Biden has made clear whose side he's on.»
Most of Biden's tax proposals have little chance of enactment unless Democrats win strong majorities in both chambers of Congress in November, a sweep that polls suggest is unlikely.
They include Biden's previous calls to raise the corporate tax rate to 28% from the current 21%, recouping half of Republicans' 2017 cut.
Biden also now wants to increase to 21% a 15% corporate minimum tax on companies reporting over $1 billion in profit that he won as part of 2022 clean energy legislation.
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Biden also will call for Congress to approve far stricter limits on business income deductions for executive pay, limiting them to $1 million for any given employee.
Current law already
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