US President Joe Biden urges for higher tax rates on billionaires and levies on wealthy investors in his budget request to Congress for the fiscal year 2024, according to a Bloomberg report, citing an unnamed White House official familiar with the plan.
According to Bloomberg, in his latest proposal to Congress scheduled to be released Thursday, President Biden is calling for prioritizing taxes and spending including a number of additional tax increases on billionaires, rich investors, and corporations.
Biden will call on Congress to impose a 25% minimum tax on billionaires, as well as double the capital gains tax on investment from 20% to 39.6%.
Additionally, the proposal suggests raising the corporate tax rate to 28% from 21% and lifting the top tax rate for people earning more than $400,000 to 39.6% from 37%, as reported by Bloomberg.
Republicans and the White House are in a standoff over raising the debt ceiling, which is the highest amount that the federal government could borrow, amid a $31 trillion national debt.
Republicans, led by Speaker of the House Kevin McCarthy, have resisted tax increases and stated that the debt ceiling should not be lifted without significant spending cuts.
Biden has argued that his plan will cut the deficit by $2.9 trillion over a decade, with tax increases making up the bulk of that amount. The House is currently controlled by Republicans, while the Senate is held by Democrats.
