In public, President Biden and corporate America appear to oppose each other’s interests and blame each other for the economy’s problems.
In private, Biden and the business community have been ramping up collaboration, especially on infrastructure goals.
The increased corporate tax also helps offset the tax breaks that sub-$400k earners will see this year. He had to wait until Trump’s disproportionate tax cuts for the wealthy expired before his could go into effect. His new plan really cracks down on the top bracket and billionaires, so that’s good news for us, but not so great for executives. There’s also a 4x increase on stock buyback tax for corporations.
https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/
Yeah, true dat.
There’s a ton of stuff in the budget proposal for this year that goes a bunch further; I just didn’t feel like it was completely fair to claim credit for stuff that hasn’t happened yet. The corporate minimum tax is already happened. But yeah, this year’s proposal is way more.