The Greenbook for Fiscal Year 2025, containing the Biden administration’s budget proposals, contains a mixture of recommendations, many of which have been considered in one form or another in past years. Nevertheless, it lays out the administration’s blueprint for a wish list, and in some cases signals issues to prepare for. “As time has gone on, … Read more
Tax Policy The differences in proposed tax policy between the presumptive presidential candidates, at this point, in the two main parties — President Joe Biden and former President Donald Trump — are vast, according to Garrett Watson, senior policy analyst with Tax Foundation, a nonpartisan tax policy think tank. “The differences between what (the candidates) … Read more
President Biden’s top economic advisor, Lael Brainard, stated that Democrats would raise taxes overall in 2025 if Biden is reelected. Biden plans to raise taxes on businesses by undoing the corporate tax rate cut from the 2017 Republican tax cuts, increasing the rate to 28%. This move is expected to have negative economic effects, including reducing GDP, the capital stock, wages, and jobs.
Larry Kudlow asserted that President Biden’s tax policies are part of “racial warfare against white folks” and criticized the push for Diversity, Equity, and Inclusion initiatives. Biden’s proposed tax policies include raising the capital gains tax, which Kudlow believes unfairly targets white people who disproportionately hold assets. Kudlow argued that these policies are antithetical to traditional American values and will harm the economy. Biden has also proposed a 25 percent minimum income tax on those worth at least 0 million and raising the corporate tax rate.
Former President Donald Trump went on Truth Social on tax filing deadline day to warn that if President Joe Biden is reelected, there will be colossal tax hikes. However, Biden’s latest budget proposal supports extending tax cuts for individuals making less than 0,000.
President Biden’s FY 2025 budget proposes tax hikes on businesses and high earners, amounting to a gross tax hike of over .1 trillion.