Joe Biden Wants to Raise Donald Trump’s Taxes

President Joe Biden wants to raise former President Donald Trump’s taxes, a new budget proposal from the White House shows.

Biden unveiled his funding blueprint for the 2025 fiscal year, detailing a plan that would reduce the federal deficit by about $3 trillion over a 10-year period by raising taxes on the wealthiest Americans and corporations, the White House said Monday.

A fact sheet from the White House said that Biden’s proposal would require billionaires, or those with wealth of more than $100 million, to pay at least 25 percent of income in taxes. The hikes would apply to Trump, whose estimated net worth, as of February, is $2.6 billion, according to Forbes.

“Billionaires make their money in ways that are often taxed at lower rates than ordinary wage income, or sometimes not taxed at all, thanks to giant loopholes and tax preferences that disproportionately benefit the wealthiest taxpayers,” the White House said. “As a result, many of these wealthy Americans are able to pay an average income tax rate of just 8 percent on their full incomes—a lower rate than many firefighters or teachers.

“To finally address this glaring inequity, the President’s budget includes a 25 percent minimum tax on the wealthiest 0.01 percent, those with wealth of more than $100 million.”

Biden’s plan would include other wealthy lawmakers, including senators Rick Scott, Mitt Romney and Mark Warner, as well as representatives Darrell Issa and Michael McCaul, who make up the five richest members of Congress, according to a Yahoo Finance analysis. Issa tops the list with $460 million, a net worth more than 50 percent higher than Scott, who is the second richest.

The majority of Trump’s wealth comes from real estate investments around the world, including a $500 million stake in a Manhattan office building at 1290 Avenue of the Americas and his Trump National Doral Miami Golf Resort, which is valued at $300 million, according to Bloomberg.

Although Trump has amassed enough wealth to be classified among the “wealthiest 0.01 percent,” his net worth has declined in recent years. In 2022, his wealth was estimated at $3 billion, a decrease from $4.6 billion in 2016.

The former president’s net worth could take another hit as his legal fees continue to mount. He is not only fighting four criminal indictments, but he has also been ordered to pay $83.3 million in damages to columnist E. Jean Carroll for defaming her, plus a separate $350 million in penalties for the civil fraud case against him and The Trump Organization.

Biden had previewed his billionaire tax during his State of the Union address last week, telling the nation and members of Congress: “Do you really think the wealthy and big corporations need another $2 trillion in tax breaks? I sure don’t. I’m going to keep fighting like hell to make it fair!”

The president’s wish list also includes new spending on social programs, like Medicare and Social Security, as well as efforts aimed at lowering the cost of child care, prescription drugs, housing and utilities. Budget requests do not typically become law, and Monday’s proposal echoes much of the budget that the White House put forward last year.