WASHINGTON — The Biden administration’s 2024 budget relies almost entirely on additional revenue created by raising taxes on the wealthiest Americans and corporations and by letting the Trump-era tax cuts expire.
If several of the proposals, like a billionaire minimum tax, sound familiar, it’s because they’ve been a part of the president’s domestic agenda wish list for years.
And while a White House annual budget is at all times one part wish list and one part plan, Biden’s tax hikes are even less realistic now — with a Republican majority House — than they were when he first tried to pass them through a Democratic-controlled House and Senate.
The plan released Thursday by the Treasury Department in its annual Green Book, calls for a good higher minimum tax this 12 months on the highest 0.01% of earners and households price greater than $100 million, as much as 25% from 20% last 12 months.
Read more on Biden’s fiscal 12 months 2024 budget plan:
It could also quadruple the stock buyback tax from 1% to 4%, constructing on a successful effort last 12 months to institute the stock buyback tax.
The highest individual income tax bracket would rise to 39.6%, and a latest global minimum tax would seek to gather levies on income earned overseas.
The budget would also close what the White House calls “Medicare tax loopholes” as a way to make the Medicare Trust Fund solvent for greater than 20 years.
Nevertheless it was unclear Thursday whether any of Biden’s tax proposals might win enough Democrats and Republicans to turn into law.
On a call with reporters, senior Treasury Department officials declined to say which, if any, of Biden’s tax hikes they thought might stand a greater probability than others of gaining support in a GOP-majority House that has vowed not to lift taxes.
“We stand behind all of those proposals and are desperate to work with Congress on any and all that they’re desperate to work with us on,” said one official, who was granted anonymity under Treasury’s ground rules for the decision.
Biden’s 2024 reelection campaign, which might be announced in the approaching weeks, looms large over the 2024 budget tax proposals — lots of which were popular with Democratic voters when he ran in 2020.
In a press release accompanying the discharge of the Green Book, Treasury Secretary Janet Yellen adopted a line synonymous with Biden’s 2020 presidential campaign, saying the president’s budget could be greater than fully paid for by requiring “corporations and the rich to pay their justifiable share.”
Yellen will get her first probability to defend these tax hikes Friday morning before skeptical House Republicans when she testifies at a Ways and Means Committee hearing on the 2024 budget.
