The president will announce a proposal to deny a tax deduction to a company that pays any employee more than $1 million, which White House officials say will combat ballooning executive pay.
He will also highlight plans to raise the corporate tax rate to 28 percent from 21 percent, the level set by former President Trump’s tax cuts in 2017.
With major provisions of the 2017 Tax Cuts and Jobs Act set to run out in 2025, Trump’s tax cuts are on the line during the 2024 election.
Democrats are opposing a blanket extension of the law, which Republicans hope to extend if they win control of Congress and the White House.
Biden’s tax plan will also ensure that billion-dollar corporations pay at least 21 percent of their income in taxes and impose a 21 percent rate on multinational corporations.
His speech will also highlight plans for a 25 percent minimum tax on the wealthiest 0.01 percent of Americans — those with a wealth of more than $100 million.
Biden is also expected to reiterate his stance that any Americans who make less than $400,000 a year should not see their taxes raised and announce he wants to restore the expanded child tax credit to include 18 million more children.
“President Biden will highlight that lowering costs for working families is his top economic priority,” national economic adviser Lael Brainard told reporters.
“The president will also lay out his vision to make our tax code fairer and to lower the deficit by making big corporations and the wealthy pay their fair share,” she said, adding that he wants to rework the tax code so that “billionaires do not pay less than school teachers or firefighters and to ensure the wealthy cannot get away with cheating on their taxes.”
The Hill’s Alex Gangitano has more here.
