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.
