President Joe Biden is anticipated to propose tax hikes on the wealthiest Americans and large corporations as a strategy to reduce the nation’s massive debt.
In his third State of the Union address since taking office in 2021, scheduled for Thursday, Biden plans to introduce a minimum tax rate of 25% for billionaires.
While such a proposal is unlikely to pass through Congress, with a slim majority for Democrats in the Senate and a similarly small majority for Republicans in the House of Representatives, Biden is hoping the proposal to increase the tax burden for the rich will strike a chord with lower income voters ahead of the November election.
Targeting The Mega-Rich
The richest men in the world, such as Tesla Inc.‘s Elon Musk, Amazon founder Jeff Bezos and Microsoft Corporation‘s Bill Gates, are unlikely to be quaking in fear over the proposal.
But, it puts the huge imbalance in the distribution of wealth and income under the microscope at an important time.
In 2021, Musk, …