President Biden’s Budget Proposal Would Raise Taxes on Large Corporations, Lower Deficit Over 10 Years

President Biden will unveil his budget proposal for the coming fiscal year Monday, calling for tax increases for large corporations, and for billionaires to pay a minimum 25 percent tax rate.

The president’s budget proposal for fiscal 2025 would reduce the federal deficit by about $3 trillion over a 10-year period, the White House said, largely by raising taxes on the wealthiest Americans and businesses. The budget would also crack down on corporate profit sharing.

A White House official said the budget would cut taxes for millions of low- and middle-income families, and it includes proposals to lower the cost of child care, prescription drugs, housing and utilities.

Read the source article at The Hill