Biden to call in State of the Union for business tax hikes, middle class tax cuts and lower deficits
President Joe Biden is going into his third State of the Union address with an expanded plan to raise corporate taxes
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.
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.
