US President Joe Biden is proposing a 25% tax on superpower billionaires, big investors and business groups. This general proposal, which he presented to Congress, concerns priorities in taxation and government spending. This was reported to Bloomberg by sources in the White House who wished to remain anonymous. The plan nearly doubles the tax rate on capital gains and investment income to 39.6% from the current 20%. It also provides for other income taxes for the ultra-wealthy Americans and high-net-worth business groups. However, as Bloomberg points out, Biden’s proposal, which is part of his “Let’s Rebuild America Better” economic package, has very little chance of being voted on by Congress. Especially now that Republicans control the House of Representatives.

Remember that President Biden failed to pass a bill to raise taxes on the wealthy, even when the Democrats controlled both houses of Congress. He achieved only a moderate version of the well-known and controversial IRA support package for the energy sector and public health policy. At the same time, tough negotiations are inevitable on issues that recur regularly on the US political scene, such as the superpower’s debt limit and government spending cap for the current year, as well as the economic platform of President Biden’s campaign. in connection with the new elections to Congress elections.

The Democrats’ proposals betray, among other things, their determination to cut the deficit, US government sources say, as they cut the superpower’s overall budget by $3 trillion. USD. This will be achieved primarily through revenue growth over the next 10 years. After all, they represent a popular shift in administrative policy and a return of taxes to the popular levels they were before Donald Trump’s tax reform. Raising taxes on wealthy, large, and profitable business groups has been a constant demand of much of the American public for years.