President Joe Biden is proposing new taxes in his White House budget, including a 25% minimum tax on the richest 0.01% of Americans, an increase in the top tax rate for those making $400,000 a year up to 39.6% from 37%, and an increase in the Medicare tax rate on incomes exceeding $400,000 per year. These measures are expected to increase tax revenues by over $117 billion over ten years. The proposals are in line with Biden's promise not to increase taxes on those earning less than $400,000 per year. However, it is unlikely that these proposals will pass since White House budgets are political documents that need to go through the House of Representatives, currently controlled by Republicans. Nevertheless, it’s good to see that Biden remains committed to following through with the promises he made during his campaign, and if he’s reelected president with Democrats once again controlling both the House and Senate, perhaps he’ll be able to make this a reality.

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