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Politics

state of the union


BIDEN TO ATTACK BILLIONAIRES LIKE MUSK, BEZOS AND FLOAT RAISING CORPORATE TAX
DURING STATE OF THE UNION

By Josh Christenson

Published March 7, 2024
Updated March 7, 2024, 6:45 p.m. ET

President Biden will call out billionaires like Tesla CEO Elon Musk and Amazon
founder Jeff Bezos, as well as other wealthy Americans, while floating a major
corporate tax hike during his State of the Union address Thursday night.

Biden, 81, is lagging behind former President Donald Trump, the presumptive
Republican nominee, as polls show high disapproval among voters for his handling
of the economy.

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In Thursday’s speech, the president is expected to respond to that by calling
for a 28% corporate tax rate in an attempt to reverse Trump’s 2017 Tax Cuts and
Jobs Act, senior administration officials told reporters Wednesday.

The White House in a Thursday morning fact sheet said Biden will also demand a
25% income tax on those with a net worth of more than $100 million.

4
President Biden is gearing up to attack billionaires like Elon Musk and Jeff
Bezos and other wealthy Americans, while floating a corporate tax hike during
his State of the Union address on Thursday night. AP

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National Economic Council director Lael Brainard said the proposals — which are
almost certain to fail in Congress unless Biden wins re-election and Democrats
gain the House of Representatives and retain the Senate — are part of Biden’s
vision “to make our tax code fairer and to lower the deficit by making big
corporations and the wealthy pay their fair share.”

Biden will also call for an increase in the corporate minimum tax rate to 21%
for companies recording more than $1 billion in profits from its current 15% —
and deny business income tax deductions for salaries above $1 million per year.

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“We think this proposal would raise more than $250 billion,” a senior
administration official said of the deduction limit.



“In current law … deductions are not allowed for the CEO, the CFO, and a number
of other officers. But this would expand that to include anybody who is being
paid over a million dollars,” the official affirmed.

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“I’s not that, you know, the president has any problem at all with folks getting
high salaries from — from their companies above a million dollars,” the person
added. “It’s that, you know, we don’t think that — that companies should be able
to take deductions for that compensation.”

Biden will also ask for Congress to expand a $3,600 annual tax credit per child
for eligible families, as well as another tax credit for low-wage workers and
pledge to extend other Trump-era tax cuts.

4
Musk, who boasts a net worth of nearly $200 billion, met with Trump in Palm
Beach, Fla., on Sunday, according to reports, as the former president courts
deep-pocketed donors for his campaign. AFP via Getty Images

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“None of his policies will raise taxes by a single penny on anyone making under
$400,000 a year,” Brainard insisted. “While the president wants to cut taxes for
working families, congressional Republicans want to cut taxes even more for the
wealthy and big corporations, all while adding more than $3 trillion to the
debt.”

The Biden campaign put up immense fundraising totals at the start of the
year, with $42 million raised in January and $130 million cash on hand.

4
The Biden campaign put up immense fundraising totals at the start of the
year, with $42 million raised in January and $130 million cash on hand. Getty
Images

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Meanwhile, Trump’s campaign has been dogged by mounting legal expenses while
defending his four criminal indictments, with just $65 million cash on hand in
December.

Musk, who boasts a net worth of nearly $200 billion, met with Trump in Palm
Beach, Fla., on Sunday, according to reports, as the former president courts
deep-pocketed donors for his campaign.

The CEO of Tesla has harshly criticized the Biden administration’s border
policies for allowing record-breaking numbers of migrants to enter the US — and
earlier this week said the president’s acts amounted to “treason.”

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4
Bezos, the founder of Amazon, also has yet to wade into the presidential race
with a direct donation to either campaign. Evan Agostini/Invision/AP

Musk said on X Wednesday he will not donate to either Trump or Biden ahead of
the 2024 election.

Bezos also has yet to wade into the presidential race with a direct donation to
either campaign.


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Filed under joe biden ,  state of the union ,  3/7/24

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