1. Imposed a 15 percent corporate minimum tax (CMT) on large corporations that report profits to shareholders averaging more than $1 billion over three years
2. Imposed a 1% excise tax on stock buybacks
3. Significantly increased the budget of the IRS
His bill could have been more ambitious, but Biden’s plans were constantly undermined by some Senators:
I’ve been saying it for years
NYT/dem party has been trying to appeal to the mythical Romney voter instead of the progressive base
They genuinely believe they can convert the mythical Romney voter conned into trumpism back into an ordinary liberal
Your base already wants to tax the rich you fucking corrupt fools just run some goddam progressives of good character
To tax the rich, you need a majority in the Senate and the House of Representatives.
Joe Biden actually wanted to tax the rich:
https://www.lemonde.fr/en/international/article/2024/03/08/biden-proposes-a-tax-raise-on-billionaires-corporations-and-portrays-trump-as-the-candidate-of-the-rich_6599126_4.html
https://www.latimes.com/business/story/2024-03-21/biden-proposes-tax-increase-on-fuel-for-private-jets
But he doesn’t control the US Congress.
His Inflation Reduction Act:
1. Imposed a 15 percent corporate minimum tax (CMT) on large corporations that report profits to shareholders averaging more than $1 billion over three years
2. Imposed a 1% excise tax on stock buybacks
3. Significantly increased the budget of the IRS
His bill could have been more ambitious, but Biden’s plans were constantly undermined by some Senators:
https://www.pbs.org/newshour/politics/sinema-received-nearly-1-million-from-wall-street-while-killing-tax-hike-on-investors
https://www.cnbc.com/2022/08/09/how-wall-street-wooed-sen-kyrsten-sinema-and-preserved-its-multi-billion-dollar-carried-interest-tax-break.html