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.
Bihar: Fire breaks out in passenger train at Simri Bakhtiyarpur station, no casualties reported
A massive fire broke out on the Samastipur-Saharsa Passenger train (63344) at Platform No. 2 of Simri Bakhtiyarpur railway station in Bihar's Saharsa district at around 3:25 a.m. on Monday, triggering panic among passengers and railway staff.
Pakistan's Bhatti network targeted families of 6 Bengal ministers through JeM associate's female aide
Shahzad Bhatti Network (SBN), a Pakistan-based terrorist-criminal group, targeted the family members of at least six current members of the West Bengal cabinet through Arpita Sarkar, the female aide of suspected Jaish‑e‑Mohammed (JeM) associate Hamim Mondal, an investigation by the Special Task Force (STF) of the Bengal Police has revealed.
Thousands throng Shiva temples across nation on first Monday of Sawan
People in large numbers thronged Lord Shiva temples across the nation to offer prayers and seek blessings on the occasion of the first Monday of the holy month of Sawan.
CWG 2026: Ahmedabad 2030 takes centre stage as Glasgow signs off with spectacular closing ceremony
There are evenings that are remembered for their grandeur, and then there are evenings that leave an entire arena buzzing with emotion. The closing ceremony of the 2026 Commonwealth Games at Glasgow’s OVO Hydro belonged firmly in the latter category, with India’s spectacular cultural showcase stealing the spotlight and setting the stage for Ahmedabad 2030.
Iran's president says necessary to make US adhere to MoU
Iranian President Masoud Pezeshkian said that Iran must "compel" the United States to remain committed to the peace memorandum of understanding (MoU) signed between the two countries.
Trump announces fresh Iran talks amid Gulf mediation efforts
US President Donald Trump said that negotiations with Iran will begin Monday afternoon, noting that Saudi Arabia, the United Arab Emirates (UAE) and Qatar had asked the United States to call off planned strikes because "they think there's a deal."
Arunachal’s January Tali, Hachu Lombo become first state women to scale 7,077-metre Mt Kun
Two women mountaineers from Arunachal Pradesh have scripted history by becoming the first women from the state to successfully scale the 7,077-metre-high Mt Kun in the Zanskar region of Ladakh, bringing laurels to the border state, officials said on Sunday.
Governor Urges Mass Participation in Anti-Drug Drive at Tripura University
Calling drug addiction one of the most serious challenges confronting society, Governor Indra Sena Reddy Nallu urged citizens to join hands in the fight against narcotics, stressing that a drug-free society can only be achieved through collective public participation.