The Biden administration will target billionaires and corporate America with sweeping tax rises as part of a plan to cut the US’s record national debt and boost the president in the polls ahead of November’s election.
The proposals, expected to be unveiled in Thursday’s State of the Union address and over the following week, include an increase in the minimum corporate tax from 15 per cent to 21 per cent, as well as a 25 per cent minimum tax for billionaires.
The plans are intended to cut the US’s record national debt by $3tn over the next decade. According to the Congressional Budget Office, the independent fiscal watchdog, the country’s debt pile had reached $26.2tn by the end of 2023.
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