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:
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