Raw: [Joe Biden Wants to Raise Donald Trump’s Taxes Newsweek] {Article Source: https://www.newsweek.com/joe-biden-wants-raise-donald-trumps-taxes-1878038}
U.S.WorldScienceHealthLifeRankingsOpinionEntertainmentFact CheckMy TurnEducation
Sports
Sports Betting
Podcasts
Better Planet
Vault
Mightier
Autos
Newsletters
Unconventional
Vantage
Experts
Voices
Subscribe for $1Login
×
Subscribe for $1
Login
U.S.
World
Science
Health
Life
Rankings
Opinion
Entertainment
Fact Check
My Turn
Education
Sports
Sports Betting
Podcasts
Better Planet
Vault
Mightier
Autos
Newsletters
Unconventional
Vantage
Experts
Voices
Share
Copy Link
Politics Joe BidenDonald TrumpBillionairesTaxesBudget
Joe Biden Wants to Raise Donald Trump’s Taxes
Published Mar 11, 2024 at 2:01 PM EDT
By
Katherine Fung
Senior WriterFOLLOW
Share
New Fairness Meter!Hold us accountable by rating this article’s fairness President Joe Biden wants to raise former President Donald Trump’s taxes, a new budget proposal from the White House shows.Biden unveiled his funding blueprint for the 2025 fiscal year, detailing a plan that would reduce the federal deficit by about $3 trillion over a 10-year period by raising taxes on the wealthiest Americans and corporations, the White House said Monday.A fact sheet from the White House said that Biden’s proposal would require billionaires, or those with wealth of more than $100 million, to pay at least 25 percent of income in taxes. The hikes would apply to Trump, whose estimated net worth, as of February, is $2.6 billion, according to Forbes.”Billionaires make their money in ways that are often taxed at lower rates than ordinary wage income, or sometimes not taxed at all, thanks to giant loopholes and tax preferences that disproportionately benefit the wealthiest taxpayers,” the White House said. “As a result, many of these wealthy Americans are able to pay an average income tax rate of just 8 percent on their full incomes—a lower rate than many firefighters or teachers.
President Joe Biden speaks during a campaign event on March 8 Wallingford, Pennsylvania. Biden unveiled his budget proposal for 2025 on March 11.
President Joe Biden speaks during a campaign event on March 8 Wallingford, Pennsylvania. Biden unveiled his budget proposal for 2025 on March 11.
Spencer Platt/Getty Images
“To finally address this glaring inequity, the President’s budget includes a 25 percent minimum tax on the wealthiest 0.01 percent, those with wealth of more than $100 million.”Biden’s plan would include other wealthy lawmakers, including senators Rick Scott, Mitt Romney and Mark Warner, as well as representatives Darrell Issa and Michael McCaul, who make up the five richest members of Congress, according to a Yahoo Finance analysis. Issa tops the list with $460 million, a net worth more than 50 percent higher than Scott, who is the second richest.The majority of Trump’s wealth comes from real estate investments around the world, including a $500 million stake in a Manhattan office building at 1290 Avenue of the Americas and his Trump National Doral Miami Golf Resort, which is valued at $300 million, according to Bloomberg.Although Trump has amassed enough wealth to be classified among the “wealthiest 0.01 percent,” his net worth has declined in recent years. In 2022, his wealth was estimated at $3 billion, a decrease from $4.6 billion in 2016. Read more
Donald Trump could get $5 million under new Florida bill
Social Security alarm bells ring among Republican voters
Biden faces war backlash after billionaire tax tweet
Republicans applaud Biden’s plan to raise taxes of billionaires
The former president’s net worth could take another hit as his legal fees continue to mount. He is not only fighting four criminal indictments, but he has also been ordered to pay $83.3 million in damages to columnist E. Jean Carroll for defaming her, plus a separate $350 million in penalties for the civil fraud case against him and The Trump Organization.Biden had previewed his billionaire tax during his State of the Union address last week, telling the nation and members of Congress: “Do you really think the wealthy and big corporations need another $2 trillion in tax breaks? I sure don’t. I’m going to keep fighting like hell to make it fair!”The president’s wish list also includes new spending on social programs, like Medicare and Social Security, as well as efforts aimed at lowering the cost of child care, prescription drugs, housing and utilities. Budget requests do not typically become law, and Monday’s proposal echoes much of the budget that the White House put forward last year.
Uncommon KnowledgeNewsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
fairness meterfairness meterNewsweek is committed to journalism that’s factual and fair.
Hold us accountable and submit your rating of this article on the meter. Newsweek is committed to journalism that’s factual and fair.
Hold us accountable and submit your rating of this article on the meter.
Click On Meter
To Rate This Article
Confirm your selection
Comment about your rating Share your rating
Request Reprint & Licensing
Submit Correction
View Editorial GuidelinesAbout the writer
Katherine Fung
FOLLOW
Share on Twitter
Katherine Fung is a Newsweek reporter based in New York City. Her focus is reporting on U.S. and world politics. She has covered the Republican primary elections and the American education system extensively. Katherine joined Newsweek in 2020 and had previously worked at Good Housekeeping and Marie Claire. She is a graduate of the University of Western Ontario and obtained her Master’s degree from New York University. You can get in touch with Katherine by emailing k.fung@newsweek.com. Languages: English.
Katherine Fung is a Newsweek reporter based in New York City. Her focus is reporting on U.S. and world politics. …
Read more
To read how Newsweek uses AI as a newsroom tool, Click here.
Trending
01
Boeing Flight’s ‘Technical Problem’ Injures 50 People
02
Donald Trump Admits He’s Not a Conservative
03
Oscars ‘In Memoriam’ Segment Slammed
04
Al Pacino’s Oscars Slip-Up Goes Viral—’Chaotic’
05
Kate Middleton Spotted in Public After Photo Scandal
← Back To Homepage
The Debate
Biden’s Toxic Nightmare of a Speech Made Americans Miss Trump
By Monica Crowley
VS
Who Knew Biden Had It in Him? Biden Crushed the State of the Union
By Tim Ryan
Newsletter
The BulletinYour daily briefing of everything you need to know
By clicking on SIGN ME UP, you agree to Newsweek’s Terms of Use & Privacy Policy. You may unsubscribe at any time.
Premium Subscription
Digital + Monthly
Newsweek magazine delivered to your doorNewsweek Voices: Diverse audio opinionsEnjoy ad-free browsing on Newsweek.comComment on articlesNewsweek app updates on-the-go
Subscribe now
Newsweek Voices: Diverse audio opinionsEnjoy ad-free browsing on Newsweek.comComment on articlesNewsweek app updates on-the-goHome delivery option available
Subscribe now
Top stories
Blue States Are Creating a Housing Market Crisis
How Russia’s Wartime Economy Is Benefiting China Too
Donald Trump Gives New Details on Social Security Plans
Health Care CEO Laments How Women ‘Disappear’ at the Senior Leadership Level
U.S.
World
Science
Health
Rankings
Opinion
Entertainment
Fact Check
My Turn
Education
Sports
Sports Betting
Podcasts
Better Planet
Vault
Mightier
Autos
Newsletters
Unconventional
Vantage
Experts
Voices
Trending
Israel at War
Vladimir Putin
Russia-Ukraine War
Donald Trump
Subscriptions
Digital+ Monthly (Ad Free Trial) $1.00
Digital+ Yearly $49.00
Premium Monthly $9.99
Premium Yearly $99
U.S.
World
Science
Health
Rankings
Opinion
Entertainment
Fact Check
My Turn
Education
Sports
Sports Betting
Podcasts
Better Planet
Vault
Mightier
Autos
Newsletters
Unconventional
Vantage
Experts
Voices
Trending
Israel at War
Vladimir Putin
Russia-Ukraine War
Donald Trump
Subscriptions
Digital+ Monthly (Ad Free Trial) $1.00
Digital+ Yearly $49.00
Premium Monthly $9.99
Premium Yearly $99
In The Magazine
March 15
2024 Issue
In The Magazine
March 15
2024 Issue
Newsletters in your inbox See all
The Bulletin (Mondays to Fridays)
See Sample
The Gist of It (Daily)
The Josh Hammer Report (Wednesdays)
See Sample
The Frontlines (Thursdays)
See Sample
Israel at War (Tuesdays and Thursdays)
For The Culture (Tuesdays and Thursdays)
See Sample
Pawsitively (Mondays to Fridays)
Better Planet (Mondays)
My Turn (Sundays)
Sign up now
You can unsubscribe at any time.
By signing up you are agreeing to our Terms of Service
and Privacy Policy
Company
About Us
Masthead
Diversity
Announcements
Archive
Policies and Standards
Mission Statement
Leadership
Newsletters
Press Center
Editions:
U.S. Edition
日本
Polska
România
Contact
Advertise
Careers
Contact Us
Corrections
Terms of Use
Cookie Policy
Copyright
Privacy Policy
Terms & Conditions
Terms of Sale
GDPR Privacy Settings
Do Not Sell My Personal Information
© 2024 NEWSWEEK DIGITAL LLC
