According to reports in the media, US President Joe Biden will redouble his efforts to revamp the country's tax system and significantly increase the rates paid by businesses and affluent citizens. The tax increases are anticipated to be announced by the President on thursday as part of his budget plan for federal expenditure in the fiscal 2024 period, which starts in October. According to Fox Business, Wall Street and the wealthiest US households would likely bear the brunt of the increased taxes.

During his State of the Union address in February, Biden broached the idea of tripling the current 1% tax on corporate stock buybacks in addition to calling for higher taxes on billionaires. "I'm a businessman. Just be sure to contribute fairly "In his speech, he remarked. And I believe many of you at home share my opinion that the current tax structure is unfair.

According to Fox Business, the so-called billionaire's tax would levy a 20% charge on income and unrealized capital gains, including stock and property of US households worth more than $100 million, or roughly 0.1% of Americans. Households that were already paying 20% in taxes won't have to pay any more. According to a story from Bloomberg News, citing a white house person familiar with the idea, the rate may ultimately be much higher at 25%.

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G GOWTHAM

11/03/2023 03:30 AM