Taxes
In Biden’s Tax-the-Rich Budget, Capital-Gains Rates Near 45%
- Biden calls to raise corporate tax rate to 28% from 21%
- Stock buyback tax would quadruple in Biden budget proposal
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President Joe Biden is proposing a series of tax increases on investors and top-earning Americans in his annual budget request to Congress.
The tax proposals, which are at the center of what the White House estimates is a $3 trillion deficit-reduction plan, will be immediately rejected by Congressional Republicans. But the ideas set up Democrats’ approach to the debt-ceiling fight later this year, as Republicans are gearing up to ask for spending cuts.