Joe Biden vows to hike minimum tax for billionaires, big corporations [Video]

Seeking a second term in the 2024 US election, US President Joe Biden on March 7 vowed to raise corporate minimum taxes and cut deductions for executive pay and corporate jets.

“No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse! That’s why I’ve proposed a minimum tax of 25% for billionaires. Just 25%. That would raise $500 Billion over the next 10 years,” Biden said in his final State of the Union Address to the joint session of the US Congress.

He highlighted that in 2022, 55 of the biggest companies in America made $40 billion in profits and paid zero in federal income taxes. “Thanks to the law I wrote and signed, big companies now have to pay a minimum of 15%. But that’s still less than working people pay in federal taxes.”

He asserted that it is time to raise the …