UNITED STATES NEWS

Biden to call in State of the Union for business tax hikes, middle class tax cuts and lower deficits

Mar 7, 2024, 3:06 AM

FILE - People walk outside the U.S Capitol building in Washington, June 9, 2022. President Joe Bide...

FILE - People walk outside the U.S Capitol building in Washington, June 9, 2022. President Joe Biden goes into Thursday's State of the Union address with an expanded plan to raise corporate taxes. He would use the proceeds to trim budget deficits and cut taxes for the middle class.(AP Photo/Patrick Semansky, File)
Credit: ASSOCIATED PRESS

(AP Photo/Patrick Semansky, File)

WASHINGTON (AP) — President Joe Biden is going into Thursday’s State of the Union address with an expanded plan to raise corporate taxes and use the proceeds to trim budget deficits and cut taxes for the middle class.

The Democratic president in this election year is refining the economic agenda that he’s been pushing since the 2020 presidential race, trying to show that he is addressing voters’ concerns about the cost of living. With Republican control of the House, Biden’s agenda is unlikely to become law and serves as something of a sales pitch to voters.

In a preview of Biden’s remarks, aides including Lael Brainard, director of the White House National Economic Council, said the president would contrast his proposals with Republican plans to extend former President Donald Trump’s expiring tax breaks and further slash corporate tax rates.

Under Biden’s proposal, corporations would no longer be able to deduct the expense of employee pay above $1 million, which could raise $270 billion over 10 years. He also wants to raise the corporate tax rate to 28% from 21%, among other measures. And, as Biden has previously proposed, major companies would be charged a minimum tax rate so that they could not avoid the IRS through accounting maneuvers, deductions and specialized tax breaks.

Billionaires would need to pay a minimum of 25% in federal taxes on their income under his plans. People earning more than $400,000 would also pay higher Medicare taxes to ensure the program’s financial viability.

Biden would use some of those revenues to pay for expansions of the Earned Income Tax Credit and Child Tax Credit, which would help lower-income families. He is also seeking to permanently make health insurance premiums lower for those who receive their medical coverage through the 2010 Affordable Care Act.

Aides said Biden’s forthcoming budget plan would trim the national debt by $3 trillion over 10 years, similar to what he pitched in last year’s budget proposal, which was not approved by Congress.

United States News

Associated Press

Video of 2 bear cubs pulled from trees prompts North Carolina wildlife investigation but no charges

ASHEVILLE, N.C. (AP) — A video of people pulling two bear cubs from a tree in North Carolina as one person posed for a photo with one of the wild animals prompted an investigation, but a state wildlife official said Friday that no charges will be filed. When North Carolina Wildlife Resources Commission staff responded […]

7 minutes ago

Former President Donald Trump sits in a Manhattan Criminal Court on April 19, 2024. A full jury was...

Associated Press

Full jury of 12, with 6 alternates, seated for Donald Trump’s criminal trial

A full jury was seated Friday in Donald Trump’s hush money case, the first criminal trial for a former president in U.S. history.

32 minutes ago

Associated Press

Attorneys argue that Florida law discriminates against Chinese nationals trying to buy homes

An attorney asked a federal appeals court on Friday to block a controversial Florida law signed last year that restricts Chinese citizens from buying real estate in much of the state, calling it discriminatory and a violation of the federal government’s supremacy in deciding foreign affairs. Attorney Ashley Gorski, representing four Chinese nationals who live […]

37 minutes ago

Associated Press

A convicted rapist is charged with murder in the killing of a Connecticut visiting nurse

A convicted rapist was charged with murder and attempted sexual assault Friday in the killing of a visiting nurse at a Connecticut halfway house for sex offenders in October — a crime that spurred calls for better safety measures for home health care workers. Authorities added the charges against Michael Reese, 39, as he appeared […]

46 minutes ago

Associated Press

Catholic priest resigns from Michigan church following protests over his criticism of a gay author

BEAL CITY, Mich. (AP) — A Catholic priest has resigned as pastor of a church in a small central Michigan community, the result of weeks of controversy following his publicly expressed regret that a gay author had read a book to preschool children. Gay rights activists and others have held regular protests outside St. Joseph […]

57 minutes ago

Associated Press

Judge drops some charges against ex-Minnesota college student feared of plotting campus shooting

NORTHFIELD, Minn. (AP) — A judge has dismissed some of the most serious charges against a former Minnesota college student who police and prosecutors feared was plotting a campus shooting. Waylon Kurts, of Montpelier, Vermont, who was then a student at St. Olaf College in Northfield, was charged last April with conspiracy to commit second-degree […]

2 hours ago

Sponsored Articles

...

Condor Airlines

Condor Airlines can get you smoothly from Phoenix to Frankfurt on new A330-900neo airplane

Adventure Awaits! And there's no better way to experience the vacation of your dreams than traveling with Condor Airlines.

...

DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

Biden to call in State of the Union for business tax hikes, middle class tax cuts and lower deficits