In a State of the Union address to a joint session of Congress on 7 February, President Biden called on Congress to support his economic policy agenda that includes reforming the tax code to “reward work and not just wealth.” The President also called for “responsible” action by Congress to increase the federal statutory debt limit, while stating that he is ready to work with Republicans and Democrats in separate efforts to reduce federal budget deficits.
The President said that he is proposing to increase from 1% to 4% the excise tax on corporate stock repurchases that was enacted in 2022 as part of the Inflation Reduction Act (IRA). He also called on Congress to enact a “billionaire” minimum tax and other corporate and individual tax proposals. The President’s tax proposals will be submitted to Congress as part of his FY 2024 budget. The President’s budget and a Treasury Department “Green Book” general explanation of revenue proposals will be released on March 9, according to White House officials.
International Tax and Treasury