Revenue-Raising Proposals in President Biden’s Fiscal Year 2024 Budget Plan

President Biden’s latest budget proposal includes trillions of dollars of new revenue that would be paid by the richest Americans, both directly through increases in personal income, Medicare and estate taxes, and indirectly through increases in corporate income taxes.

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Effects of President Biden’s Proposal to Expand the Child Tax Credit
Joe Hughes, March 2023
blog
State Rundown 3/15: Tax Madness
.ITEP Staff, March 2023
blog
Worried About the Debt? Tax the Rich
Amy Hanauer, March 2023
report
Revenue-Raising Proposals in President Biden’s Fiscal Year 2024 Budget Plan
Steve Wamhoff, March 2023
news release
ITEP Statement: President Biden Lays Out a Bold Vision for Tax Justice in Proposed Budget
ITEP Staff, March 2023

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Expert's View

Matthew Gardner

Matthew Gardner
Senior Fellow

Corporate Tax Avoidance Under the Tax Cuts and Jobs Act
Thirty-nine profitable corporations in the S&P 500 or Fortune 500 paid no federal income tax from 2018 through 2020, the first three years that the Tax Cuts and Jobs Act was in effect. The 39 corporations were profitable in each of those three years and, as a group, reported to shareholders that they had generated $122 billion in profits during that period.