President Biden issues statement on economic plan, including tax proposals
Tax proposals the president intends to include in his budget
Tax proposals the president intends to include in his budget
In advance of President Biden’s speech to a joint session of Congress this evening, the White House yesterday released a fact sheet setting forth the president’s statement on his economic plan—describing progress over the last two years and discussing future work to continue implementation of his economic agenda.
The statement mentions a number of tax proposals the president intends to include in his budget that he is expected to send to Congress on March 9, including:
- An increase in the excise tax rate on corporate stock buybacks to 4% (from the current 1% as enacted under Pub. L. No. 117-169 (commonly called the “Inflation Reduction Act of 2022”))
- A minimum tax on the ultra-wealthy, presumably in line with the proposal included in the Biden administration’s budget recommendations for FY 2023 (read TaxNewsFlash)
- An unspecified expansion of the child tax credit
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