US President Joe Biden will make a renewed push to overhaul the nation's tax code and dramatically raise the rates paid by corporations and wealthy Americans, the media reported.
The President is expected to lay out the tax hikes on Thursday as part of his budget blueprint for federal spending in fiscal 2024, which begins in October. The higher taxes would likely be borne by Wall Street and the top sliver of US households, Fox Business reported.
Biden previewed some proposals during his State of the Union address in February, when he called for steeper taxes on billionaires and floated quadrupling the current 1per cent levy on corporate stock buybacks.
"I'm a capitalist. But just pay your fair share," he said in the speech. "And I think a lot of you at home agree with me that our present tax system is simply unfair."
The so-called billionaire's tax would impose a 20 per cent rate on both income and unrealized capital gains, including stock and property of US households worth more than $100 million, or about 0.01 per cent of Americans, Fox Business reported.
Households that were already paying 20 per cent will not be required to pay an additional tax.
The rate may ultimately be even higher at 25 per cent, according to a report from Bloomberg News, citing a White House official familiar with the plan.
On top of that, the White House introduced a plan this week to raise payroll taxes from 3.8 per cent to 5 per cent on Americans earning more than $400,000 in a bid to keep Medicare solvent for at least another quarter-century, Fox Business reported.
Another aspect of the plan would apply to business income, in addition to investment, wages and self-employment income, representing a change from the initial surtax levied when applied under the Affordable Care Act.
Satellites are continuously working to ensure India's security: ISRO Chairman
ISRO Chairman V. Narayanan on Sunday said that 10 satellites are continuously working round-the-clock for the strategic purpose to ensure the safety and security of the citizens of the country.
Indo-Pak tension: NE students studying in Punjab & Haryana moved to safer places
In the wake of the India-Pakistan tensions, various state governments of the northeast have moved their students studying in Punjab and Haryana to safer places, officials said on Saturday.
‘We are working under PM Modi’s direction’: Tripura CM
Tripura Chief Minister Manik Saha on Saturday said that he has requested the Central and state forces to work in synchronisation in dealing with the present situation arising in view of the India-Pakistan tensions.
Govt boosts social welfare schemes with increased allowances: CM
Chief Minister Prof. Dr. Manik Saha today said that senior citizens are not a burden on society and everyone needs to expand the scope of respect, love, and compassion for the elderly so that no more old age homes are required in society.
Govt launches 24X7 helpline for students studying outside the state
In light of the ongoing India-Pakistan tensions, the Tripura government has launched a 24×7 emergency helpline to support students from the state who are pursuing education in different parts of the country.
Indian army responding to Pak ceasefire violations: FS Vikram Misri
Foreign Secretary Vikram Misri on Saturday said that Indian armed forces have been responding adequately to the ceasefire violations by the Pakistani army despite the announcement of truce between the two countries a few hours earlier.
Hours after announcement of truce, Pakistan violates ceasefire
Despite the announcement of ceasefire by India and Pakistan, there was a violation by the Pakistan army on Saturday evening in Akhnoor, Mendhar, R.S. Pura, Chamb, Bhimber and Gurez sectors while loud blasts were also heard in Srinagar.