Tax Foundation
By: Garrett Watson, Erica York, William McBride
March 11, 2024
Last week, President Biden’s 2024 State of the Union Address presented a vision of higher taxes for American businesses and high earners combined with carveouts, credits, and more complex rules for taxpayers at all income levels. On Monday, the president released his proposed budget for fiscal year 2025 outlining how the White House would implement the president’s tax vision, amounting to a gross tax hike exceeding $5.1 trillion over 10 years.
Rather than aiming for a simpler tax code that broadly encourages investment, saving, and work in the United States, the president has promised higher taxes that would decrease economic output and incomes, reduce U.S. competitiveness, and further complicate the tax code.