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March 11, 2024 at 05:16 PM
President Joe Biden’s budget proposal — which calls for sweeping tax increases on corporations and the wealthy — is the opening round of a looming tax fight set to consume Washington next year.
Congress will be forced into tough negotiations over the future of the tax code, with large portions of former President Donald Trump’s 2017 cuts set to expire at the end of 2025.
Many lower- and middle-income households will see a tax increase if lawmakers don’t act, providing motivation for both Democrats and Republicans.
Trump has vowed to push for the “biggest tax cuts” ever if returned to power.
Biden, meanwhile, is seeking higher levies on large businesses and investors, while preserving some of his rival’s cuts.
See the gallery for details on the tax proposals in Biden’s budget request released Monday.
(Credit: Shutterstock)
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