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The president of U.S, Joe Bidenwill renew its appeal to Congress to raise taxes on the rich and big business in his speech state of the Unionannounced the White House in a statement.
Specifically, Biden will again propose changes to the tax system to do so.”fairer” with a minimum tax of 28% for large companies and 25% for billionaires.
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In this way, the president will try to draw a contrast with the former president donald trump (2017-2021), favorite to be the Republican candidate in the November elections and who, in 2017, signed a law that considerably reduced taxes for the rich and large companies.
According to the White House, Joe Biden plans to include these changes to the tax system in its budget request for fiscal year 2025 (October 1, 2024 to September 30, 2025), which will be released next week.
This document is a mere proposal and has little chance of being approved by the Congresswhich is divided with the Senate under the control of the Democrats and the Low camera in the hands of the Republicans.
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Biden will also highlight during his speech what the White House describes as “recovery”Economic with the creation of almost 15 million jobs since the president came to power in January 2021 and an unemployment rate of less than 4% in the last two years.
Inflation, the issue that most concerns Americans, reached more than 9% in the summer of 2022. However, since then it has gradually decreased to 3.1% recorded in January, the last known value.
Source: Elcomercio
I am Jack Morton and I work in 24 News Recorder. I mostly cover world news and I have also authored 24 news recorder. I find this work highly interesting and it allows me to keep up with current events happening around the world.
