By Carl Rhodes for The Conversation
Sydney: In his 2024 State of the Union address, US president Joe Biden announced his plans for a bold set of tax reforms. Tax on corporations would go up. Deductions for high-income earners would come down. Tax breaks on corporate jets would take a hit. Low-income taxpayers would benefit, as would middle-income house buyers.
Most controversially, Biden called for a “billionaire tax”. He planned to raise US$500 billion over ten years by imposing a minimum 25% tax on Americans whose wealth exceeded $100 million. “No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse,” he declared.
Biden’s proposal was a reversal of Donald Trump’s Tax Cuts and Jobs Act, which was signed into law in 2017. The act involved significant reductions in tax rates on corporate profits, investment earnings and high personal incomes….
