Joe Biden (D)

Joe Biden, under his proposed budget for FY 2025, would increase tax rates on corporate, individual, and capital gains income; expand tax credits for workers and families; expand tax bases to include more types of income; and maintain the current Section 301 tariffs on roughly $360 billion worth of goods from China while raising tariffs on an additional $18 billion worth of steel, aluminum, and green energy and medical goods.

Business Taxes:
Increase the corporate income tax rate to 28 percent.
Increase the global intangible low-taxed income (GILTI) tax rate from 10.5 percent to 21 percent and repeal the reduced tax rate on foreign-derived intangible income (FDII).
Repeal the base erosion and anti-abuse tax (BEAT) and replace it with an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules.
Expand the net investment income tax to nonpassive business income.
Raise taxes on the fossil fuel industry.
Capital Gains and Dividend Taxes:
Tax long-term capital gains and qualified dividends at ordinary income tax rates for taxable income above $1 million and tax unrealized capital gains at death above a $5 million exemption ($10 million for joint filers).
Tax carried interest as ordinary income.
Impose a minimum effective tax rate of 20 percent on an expanded measure of income including unrealized capital gains for households with net wealth above $100 million.
Credits, Deductions, and Exemptions:
Make the Child Tax Credit fully refundable on a permanent basis.
Increase the Child Tax Credit to $3,600 for young children and $3,000 for older children, make it fully refundable, and make other changes, on a temporary basis.
Increase the Earned Income Tax Credit for workers without qualifying children on a permanent basis.
Expand premium tax credits on a permanent basis.
Estate and Wealth Taxes:
Tighten rules related to the estate tax.
Excise Taxes:
Increase the stock buyback excise tax to 4 percent.
Individual Income Taxes:
Increase the net investment income tax and Medicare tax to reach 5 percent on income above $400,000.
Increase top individual income tax rate to 39.6 percent on income above $400,000 for single filers and $450,000 for joint filers.
Extend the expiring individual income tax changes from the 2017 Tax Cuts and Jobs Act (TCJA) for taxpayers making under $400,000.
Payroll Taxes:
No tax policies proposed
Tariffs and Trade:
Maintain the current Section 301 tariffs on roughly $360 billion worth of goods from China while raising tariffs on an additional $18 billion worth of steel, aluminum, and green energy and medical goods.
No tax policies proposed

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