Biden Set to Unveil His 2025 Budget. Here’s What to Expect

Contact Your Elected Officials
The Epoch Times Header

The president is proposing to raise the corporate income tax rate to 28 percent from 21 percent.

President Joe Biden on March 11 will release his fiscal year 2025 budget, which is expected to feature major tax increases for the wealthy and businesses, reductions in defense expenditures, and initiatives to make housing more affordable.

The president’s budget plan, which outlines his financial priorities, will hold special symbolic significance this year as he seeks re-election.

Meanwhile, lawmakers are still struggling to fund the government for fiscal year 2024. They need to pass a second funding package of six bills, including one for defense, by the March 22 deadline.

This year, President Biden’s budget plan will be released 35 days late. Under the Congressional Budget Act of 1974, the president was supposed to submit his budget request to Congress on Feb. 5.

Here are a few highlights expected from the budget proposal for the fiscal year starting in October:

Tax Proposals

President Biden released a fact sheet ahead of his State of the Union address on March 7, previewing his tax proposals in his budget blueprint.

He proposes to raise the corporate income tax rate to 28 percent from 21 percent.

He also proposes increasing the corporate minimum tax rate to 21 percent. The minimum tax enacted as part of the Inflation Reduction Act in 2023 requires corporations with more than $1 billion in revenue to pay federal tax of at least 15 percent of their profits.

President Biden’s plan also quadruples the stock buyback tax in response to the surge in share buybacks by companies in recent years.

He proposes imposing a minimum tax on the wealthy, requiring them to pay at least 25 percent of their total income, including unrealized capital gains, each year.

“Do you really think the wealthy and big corporations need another $2 trillion in tax breaks?” President Biden asked during his State of the Union address on March 7. “I sure don’t. I’m going to keep fighting like hell to make it fair.”

He also said he wouldn’t increase taxes for those earning less than $400,000.

By Emel Akan

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Was Texas Storm Manmade?

Another “1-in-100 years” weather event in Kerr County happened next to a Texas designated “Weather Modification Map of Rain-Enhancement Projects in Texas”.

The America Party Will Harm Democrats The Most

Elon Musk formed the America Party after an X poll asking his followers if they wanted “independence from the two-party system!

Democrats Exhibit the Dunning-Kruger Effect (DKE)

“The Dunning-Kruger effect is a cognitive bias where people with low ability at a task overestimate their competence, while those with high ability underestimate their competence.

250 Countdown

Those 56 intrepid men who signed put their very lives, honor and fortunes on the line. There was no auto-quill to accommodate their signatures. 

How the Senate Parliamentarian Changed the OBBB

An unelected bureaucrat does a important job in the U.S. Senate. Elizabeth MacDonough enforces senate rules on Trump’s “One Big Beautiful Bill”.

Trump Administration Ends Deportation Protections for 76,000 From Honduras, Nicaragua

Monday’s decision is the latest in several temporary protected...

Death Toll From Texas Floods Rises to 82, Including 28 Children; Trump Plans Visit

Days after catastrophic flash floods in central Texas, rescuers are still searching for potential survivors, including 27 girls who went missing from camp.

Trump Signs Major Disaster Declaration Over Texas Flooding

President Trump signed major disaster declaration for Kerr County, TX, following floods leaving dozens dead and FEMA has been activated to respond.

Storm Chantal Makes Landfall in Carolinas, Weakens to Tropical Depression

Chantal weakened into a tropical depression, and tropical storm warnings previously issued for parts of North and South Carolina were discontinued.

Trump Announces 25 Percent Tariff on Japan, South Korea

President Donald Trump on July 7 issued letters announcing 25 percent tariffs on Japan and South Korea, set to take effect on Aug. 1, 2025.

White House Asks Americans to Pray After Deadly Texas Flooding

White House’s Faith Office said in a statement that it is asking people “to join us in prayer for the precious lives lost in the Texas floods,”

Trump to Meet With Netanyahu Following Iran Strikes Amid Cease-Fire Talks

President Donald Trump is set to meet with Israeli Prime Minister Benjamin Netanyahu at the White House on the evening of July 7, 2025.

Trump Threatens BRICS-Aligned Nations With 10 Percent Tariff

President Donald Trump said on Sunday that an additional 10 percent tariff will be imposed on countries aligning with BRICS policies.
spot_img

Related Articles