President Biden's budget calls for an undoing of the Trump corporate tax cut and a brand new 'billionaire's tax,' as well as increases on some making $225,000 or more. A top Trump economic adviser is predicting that the new 'billionaire' provision would eventually leads to higher taxes for ordinary Americans, while other taxpayer advocates say that the corporate tax increase would be passed onto workers and consumers. Biden in his nearly $6 trillion fiscal year 2023 budget calls for $2.5 trillion in revenue to be generated through new taxes and closing loopholes. He called for an increase in the top marginal tax rate from 37 percent to 39.6 percent. The higher rate would be applied to married couples filing jointly who make over $450,000, single people who make over $400,000 and married people who file separately and make over $225,000.
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