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President Biden Targets Corporations, the Wealthy in State of the Union

Corporations and billionaires will be paying more in taxes if Congress follows recommendations President Biden gave during his State of the Union address.

President Biden highlighted a number of initiatives during the March 7, 2024, address. For corporations, he said that it is “time to raise the corporate minimum tax to at least 21 percent.”

“Remember in 2020, 55 of the biggest companies in America made $40 billion and paid zero in federal income taxes,” President Biden said. “Zero. Not anymore. Thanks to the law I wrote [and] we signed, big companies have to pay minimum 15 percent. But that’s still less than working people paid federal taxes.”

Additionally, he alluded to further recommendations that will likely be included when the administration released its budget proposal, expected as early as the week of March 11, 2024. This includes limiting tax breaks related to corporate and private jets and capping deductions on certain employees at $1 million.

For billionaires, President Biden is looking to increase their tax rate to 25 percent.

“You know what the average federal taxes for those billionaires [is]?” he asked. ““They’re making great sacrifices. 8.2 percent. That’s far less than the vast majority of Americans pay. No billionaire should pay a lower federal tax rate than a teacher or a sanitation worker or nurse.”

President Biden said this proposal would raise $500 billion over the next 10 years and suggested some of that additional tax money would help strengthen Social Security so that there would be no need to cut benefits or raise the retirement age to extend the life of the Social Security program.

FL - Storm Extensions Offered

The Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]

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FL - Storm Extensions Offered

FL - Credit for employing individuals with unique abilities discussed

Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]

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FL - Credit for employing individuals with unique abilities discussed

FL - Indexed tax rate on asphalt for 2024-2025 announced

Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]

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FL - Indexed tax rate on asphalt for 2024-2025 announced

IRS Tightens Scrutiny on Employee Retention Credit Claims, IR-2024-169

The IRS has announced plans to deny tens of thousands of high-risk Employee Retention Credit (ERC) claims while beginning to process lower-risk claims. The agency’s review has […]

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IRS Tightens Scrutiny on Employee Retention Credit Claims, IR-2024-169

Seniors Warned of Rising Impersonation Scams, IR-2024-164

The IRS has issued a warning about the increasing threat of impersonation scams targeting seniors. These scams involve fraudsters posing as government officials, including IRS agents, […]

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Seniors Warned of Rising Impersonation Scams, IR-2024-164

Clean Hydrogen Credit Inflation Factors and Applicable Amounts for 2023 and 2024 Released, Notice 2024-45

The IRS released the inflation adjustment factors and the resulting applicable amounts for the clean hydrogen production credit for 2023 and 2024. For 2023, the inflation adjustment factor is one, so the inflation adjusted applicable amounts are the same as those in Code Sec. 45V(b). Thus, the applicable amounts for a […]

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Clean Hydrogen Credit Inflation Factors and Applicable Amounts for 2023 and 2024 Released, Notice 2024-45

Inflation Adjusted Credit Rate for Carbon Dioxide Sequestration Released, Notice 2024-39

The IRS has released the inflation adjustment factor for the credit for carbn dioxide (CO2) sequestration under Code Sec. 45Q for 2024. The inflation adjustment factor is 1.3877, and the credit is $27.75 per metric ton […]

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Inflation Adjusted Credit Rate for Carbon Dioxide Sequestration Released, Notice 2024-39

United States-Russia Tax Treaty To Be Suspended, Announcement 2024-26

The United States has provided formal notice to the Russian Federation on June 17, 2024, to confirm the suspension of the operation […]

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United States-Russia Tax Treaty To Be Suspended, Announcement 2024-26

IRS Highlights Home Energy Credits for Taxpayers, IR-2024-137

The IRS has advised taxpayers that making specific energy-efficient updates to their homes could qualify them for home energy credits. This guidance comes under the expanded provisions of […]

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IRS Highlights Home Energy Credits for Taxpayers, IR-2024-137

IRS Issues FAQs on Disaster Relief Related to Retirement Plans, FS-2024-19; IR-2024-132

The IRS issued frequently asked questions (FAQs) related to distributions from retirement plans and IRS for individuals impacted by federally declared disasters. These FAQs cover the ongoing disaster relief for certain distributions […]

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IRS Issues FAQs on Disaster Relief Related to Retirement Plans, FS-2024-19; IR-2024-132