White House Pitches Tax Hikes On Private Jets, Corporate Pay And Stock Buybacks
Source: Huff Post
Mar 7, 2024, 12:49 PM EST
WASHINGTON ― Joe Biden would like to remind you that he favors higher taxes on corporations and the wealthy ― and on their fancy jets, too. The president will make tax hikes on corporations and the wealthy a core part of his economic agenda, the White House said Thursday ahead of the final State of the Union Address of Bidens first term.
President Biden is fighting to make our tax code reward work, not wealth, White House economic adviser Lael Brainard told reporters on a conference call previewing the speech.
A fact sheet from the White House says Biden wants to raise the corporate tax rate from 21% to 28%, to take away an unspecified tax deduction for firms that pay executives more than $1 million, to eliminate preferential tax treatment for corporate jets and to increase a fuel tax on both corporate and private jet travel.
Higher taxes on corporations and the wealthy are broadly popular ― and a clear economic policy difference between Democrats and Republicans that Biden will emphasize during his speech at the Capitol. The U.S. faces a crossroads in tax policy when household cuts enacted by former President Donald Trump in 2017 expire at the end of next year. If Congress does nothing, then almost everybodys taxes will go up.
Read more: https://www.huffpost.com/entry/joe-biden-tax-plan_n_65e9d592e4b0c77c74158235
Link to White House FACT SHEET - FACT SHEET: President Biden Is Fighting to Reduce the Deficit, Cut Taxes for Working Families, and Invest in America by Making Big Corporations and the Wealthy Pay Their Fair Share
BigMin28
(1,186 posts)Should go back to being considered market manipulation as it was before Reagan.
TexasBushwhacker
(20,228 posts)stock buybacks only benefit stockholders. Who owns most of the stock in the US? 93% is owned by the top 10% of Americans.
republianmushroom
(13,767 posts)pfitz59
(10,401 posts)Pay them a salary and let them buy stock
Stock options were always a tax dodge.