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Biden to call for higher taxes on businesses, wealthy Americans in State of the Union
Infrastructure Capital Advisors CEO Jay Hatfield and Strategic Wealth Partners Mark Tepper weigh recent comments from Fed Chair Powell as well as jobs and inflation data.
President Joe Biden is expected to call for a wealth tax and higher taxes on businesses when he delivers his State of the Union address Thursday night.
White House officials said that Biden will propose an increase in corporate minimum taxes as well as curbing executive pay and corporate tax deductions in his remarks. Biden wants to increase the corporate tax rate to 28% from 21%. He also wants to increase the 15% corporate minimum tax on companies reporting over $1 billion in profit that was included in the 2022 Inflation Reduction Act to 21%.
The policy proposals will be reflected in the president’s budget proposal that will be released next week, which will form part of his re-election platform. Tax provisions in the budget blueprint will stand little chance of being enacted into law unless Democrats win control of both the House and Senate and voters give Biden a second term.
Biden is also expected to renew calls for a “billionaire tax” proposal that would actually impact many American millionaires well below the billionaire threshold. The proposal, which Biden has touted previously, would impose a 25% minimum tax on income for Americans with wealth of more than $100 million.
BIDEN PLANNING TO TOUT ECONOMIC AGENDA IN STATE OF THE UNION
President Joe Biden is set to call for higher taxes on wealthy Americans and on businesses during his State of the Union address Thursday night. (Photographer: Nathan Howard/Bloomberg via Getty Images / Getty Images)
He is also planning to pledge to extend Trump-era tax cuts for those earning $400,000 a year, call for the restoration of a COVID-era expansion of the child tax credit that paid eligible families up to $3,600 a year per child, and expand the earned income tax credit for low-wage workers.
Biden’s tax plan would also prevent companies from deducting expenses of employee pay above $1 million.
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Under current law, deductions on compensation for CEOs, CFOs and other positions are prohibited – but the Biden administration says the new proposal would cover all employees paid over $1 million to raise over $250 billion in corporate tax revenue over the next decade.
President Joe Biden will deliver his State of the Union address to a joint session of Congress around 9:00 p.m. ET on March 7, 2024. (Photo by Drew Angerer/Getty Images / Getty Images)
Critics of President Biden’s tax policies argue that raising taxes won’t put much of a dent in the more than $34 trillion national debt unless federal spending is reduced given its rapid growth.
BIDEN REGULATIONS, EXPIRED TAX INCENTIVES WEIGH ON MANUFACTURERS
“Since World War II, regardless of wild swings in tax rates that reached as high as 91 percent in the 1950s, federal tax revenue always hovers right between 15 and 20 percent of GDP,” Patrick Hedger, executive director of the Taxpayers Protection Alliance, told FOX Business in a statement.
“Our crippling national debt is not a problem that can be taxed away. It is a spending problem,” he added. “A tax-only approach on wealthy investors and productive businesses will not only fail to make a dent, it will actively harm the economic growth necessary to shrink the debt.”
The White House said President Biden plans to push for higher taxes on businesses and to curtail their deductions. (Photo by Sean Rayford/Getty Images / Getty Images)
Lael Brainerd, director of the White House’s National Economic Council, contrasted Biden’s tax policies with those of Republicans in a preview of Biden’s planned remarks at the State of the Union.
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“Congressional Republicans want to cut taxes even more for the wealthy and big corporations, all while adding more than $3 trillion to the debt,” Brainerd said. “President Biden has made clear whose side he’s on.”
Reuters contributed to this report.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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