President Biden's tax proposals, particularly in the FY 2025 budget, focus on increasing revenue by over $5 trillion over a decade, aimed primarily at corporations and high-income earners ($400k+). Key proposals include raising the corporate tax rate to 28%, increasing the corporate minimum tax to 21%, and increasing taxes on capital gains and stock buybacks.
Biden proposes to increase the corporate tax rate from 21% to 28% and to enact measures to reduce outsourcing and create jobs here at home and reduce profit shifting to dodge taxes. 2.
The standard deduction increased for 2025 and 2026, and a new temporary “bonus” deduction for adults 65 and older begins in 2025. The child tax credit increased to $2,200 for the 2025 and 2026 tax years; retirement plan contribution limits for IRAs and 401(k)s also increased for 2026.
The economic policy of the Joe Biden administration, colloquially known as Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on ...
Harris's tax plan relies on higher taxes on businesses and high earners to raise new revenues as outlined in President Biden's FY 2025 budget with some revisions (to capital gains taxes, as noted), combined with several tax credits. All provisions are modeled as starting in calendar year 2025 unless otherwise noted.
Harris has expressed support for making child care and elder care more affordable and enacting paid family leave. Harris has also expressed support for student debt relief. On August 16, 2024, she announced the proposal of a $6,000 child tax credit, expanding her populist economic agenda.
The 2025 Federal Tax Debate
Much like the 2017 tax law, the new law favors the richest taxpayers. More than 70 percent of the net tax cuts will go to the richest fifth of Americans in 2026, only 10 percent will go to the middle fifth of Americans, and less than 1 percent will go to the poorest fifth.
President Biden's 2025 budget proposes a 25 percent minimum tax on total income, including unrealized capital gains, for the 0.01 percent of households with at least $100 million in assets. It also scales back other tax breaks for wealthy households.
The Build Back Better Act included provisions to expand Medicare services for older adults with sensory impairments. The initial proposal of the bill aimed to address gaps in Medicare such as dental, vision and hearing coverage–however both dental and vision benefits were removed following objections from Sen.
If the individual tax cuts expire, taxpayers in all income groups would face higher and more complicated taxes. Machinery and equipment expensing is a key provision that, if allowed to expire, would especially harm capital-intensive industries like manufacturing.
To avoid the 22% tax bracket (or any higher bracket), focus on reducing your taxable income through strategies like maxing out 401(k)s and HSAs, deferring bonuses, tax-loss harvesting, smart charitable giving, and strategic asset location, understanding that higher rates only apply to income within that bracket, not your entire income.
Project 2025's tax plan includes an “intermediate tax reform” that includes changes to tax brackets and corporate tax cuts that would shift the tax burden toward middle-income households. And the “fundamental tax reform” it proposes would replace all individual income and corporate taxes with consumption taxes.
A common way to defer or reduce your capital gains taxes is to use tax-advantaged accounts. Retirement accounts such as 401(k) plans, and individual retirement accounts offer tax-deferred investment. You don't pay income or capital gains taxes on assets while they remain in the account.
Among its key features, the proposed tax plan: Reduces existing tax brackets from seven to three, eliminating the Head of Household Filing Status and broadening tax brackets. Reduces the top marginal income tax rate for ordinary income from 39.6 percent to 33 percent.
Donald Trump identifies as a non-denominational Christian, a shift from his upbringing in the Presbyterian faith, which he stated in 2020, noting he was confirmed Presbyterian but now considered himself non-denominational. While raised Presbyterian and influenced by the teachings of positive thinking from Norman Vincent Peale's Marble Collegiate Church, he emphasizes a broad Christian identity, aligning closely with evangelical Christians and their concerns.
Other domestic legislation signed during his term included the Bipartisan Safer Communities Act, the first major federal gun control law in nearly three decades; the CHIPS and Science Act, bolstering the semiconductor and manufacturing industry; the Honoring our PACT Act, expanding health care for US veterans; the ...
Tax Foundation estimates the OBBBA reduced individual taxes by $129 billion for 2025, and outside estimates suggest up to $100 billion of that could be received as higher refunds this filing season, pushing average refunds up by up to $1,000.
No Tax on Overtime is a provision that was included in a larger tax reform bill that passed in July 2025. It allows certain workers to deduct up to $12,500 in qualified overtime compensation from their taxable income on their federal income tax return. Joint filers can deduct up to $25,000.