Justin Sink

Donald Trump promised CEOs he would lower the corporate tax rate to 20%, further reducing the income levy on the largest U.S. companies that he already slashed while president.

Biden's comments, timed to follow Tax Day, sought to highlight differences between his tax and economic agenda and Trump's.

President Joe Biden and First Lady Jill Biden paid $146,629 in federal income taxes on a combined $619,976 in adjusted gross income in 2023.

The president's 2025 budget proposal aims to deliver more services, middle-class tax breaks and price controls funded through higher taxes on the wealthy and corporations.

The president will advocate plans to increase taxes on the wealthy and corporations as well as to lower prescription drug prices in his speech next week.

McCarthy has told Biden that he did not intend to retreat from public refusals to accept additional taxes as part of an agreement.

President Joe Biden and First Lady Jill Biden paid $169,820 in federal and state income tax on a combined $579,514 in adjusted gross income, according to their annual tax returns.

His plan has little chance of becoming law, but the proposal is an important signpost for negotiations over government spending.

The president is expected to sign the bill this week but hold a celebration in Washington on Sept. 6, after lawmakers have returned from their summer recess.

The president called again for Congress to raise taxes on corporations and the wealthy, while sharpening his criticism of Republican economic policies.