What Biden’s tax on billionaires and big corporations could mean for YOU: Experts tell Daily Mail how the president’s hikes on the mega-rich may impact all Americans

White House officials said Biden would preview the steps that will be part of a proposed fiscal 2025 budget released next week that aims to cut the federal deficit by $3 trillion while cutting taxes for low-income Americans © Provided by Daily Mail

President Joe Biden will urge Congress on Thursday night to introduce sweeping tax hikes on billionaires and corporations to make sure they ‘pay their fair share’.

The proposals include raising the corporate minimum tax for companies worth more than $1 billion to 21 percent, up from the 15 percent that went into effect last year.

The president will also call for a 25 percent tax on individuals with wealth of more than $100 million and the abolition of tax deductions on corporate jets.

Biden has insisted that his plans will not increase taxes for Americans making less than $400,000.

But those not in the top one percent of American earners could still feel pinch.

Source: Daily Mail