Biden: Ban deductions for firms paying executives more than $1 million

President Biden will call for blocking corporations from deducting the costs of paying salaries over $1 million from their federal taxes in Thursday night’s State of the Union address, part of populist-oriented tax proposals in the speech as the 2024 campaign kicks off in earnest.

In a preview of the president’s remarks, White House National Economic Council Director Lael Brainard said Biden will push more than a half-dozen tax proposals that target billionaires, the rich and large corporations. Biden has already endorsed most of these ideas, while promising to reject any proposals that raise taxes on those earning under $400,000 per year. This year, however, Biden is going further in his calls to tax the wealthy, endorsing a new minimum tax proposal on corporations and a new tax on corporate jet travel.