AFSI Reddit Mentions | ChartExchange

Biden wasn't in control of the Senate and Congress, though?
For starters, that's not how it works. The Senate is the upper chamber of the US Congress- it is part of it, they're not separate organizations.
As for the actual claim- The Senate is a Democratic majority in name only. There are currently 49 Republican Senators and 47 Democratic Senators. The other four senators are Independent. Two of those caucus with the Dems, but the other two don't- though they are aligned with the Dems. in 2021 when the leaders were announced it was actually more skewed, with 50 Republicans, 48 Democrats, and 2 Independents voting with the democrats- the only tiebreaker was Kamal Harris's vote as VP/President of the Senate. Additionally, the Senate does not have the power to originate appropriation bills or bills authorizing the expenditure of federal funds, nor do they have the authority to originate bills related to revenue. The Senate's main job is overseeing and ruling over federal appointments and related areas- impeachments, but also confirmations for Cabinet Members, agency heads, ambassadors, justices of the Supreme Court, and other federal judges. They are also in charge of ratifying treaties, but even that is subject to a 2/3rds majority and thus exceedingly hard to achieve in an equally divided house.
The real powerhouse and battleground is the House of Representatives. Due to the Origination Clause, the Senate *cannot* pass bills imposing taxes. Thus, something like a billionaire tax would fall solely under the domain of the House. In fact, he actually submitted his budget plan, including a 20% tax on households with incomes over $100 million (1). The House just hasn't voted on it yet.
In 2022, Biden passed the Inflation Reduction Act, which, among other things, created the corporate alternative minimum tax (CAMT), which is a tax "equal to the excess of 15% of a corporation's adjusted financial statement income (AFSI) over its corporate alternative minimum tax foreign tax credit.". (2)AFSI here being defined as the "net income or loss of the taxpayer[the corporations] set forth applicable financial statement for such taxable year, adjusted as provided in this section.". (3)
applicable financial statement being the reported and audited version of that net loss or income to the SEC or any foreign equivalents. (4) So to say he's doing nothing is not only an understatement but straight up incorrect.
"It’s important to note that Biden’s proposed budget includes no tax increases on anyone making under $400,000. Those making more than $400,000 a year would see their top tax rate on their income tax go up, from 37 percent to 39.6 percent — effectively, a repeal of the rate cut included in Trump’s 2017 Tax Cuts and Jobs Act, which cut taxes for the richest Americans most." (5)
here's a longer list of what the budget will actually do- including things like "Biden’s budget proposes taxing capital gains at about the same rate as income for those who earn over $1 million, meaning the top capital gains tax rate would also be 39.6 percent. It also proposes levying an unrealized capital gains tax for the first time in US history. "
, including https://www.vox.com/money/23634085/biden-2024-budget-billionaire-tax-capital-gains
(1)*https://www.congress.gov/bill/117th-congress/house-bill/8558/*
(2)*https://pro.bloombergtax.com/brief/the-inflation-reduction-act-corporate-tax-provisions/#:~:text=The%20Inflation%20Reduction%20Act%20imposes,minimum%20tax%20foreign%20tax%20credit.*
(3)https://www.irs.gov/pub/irs-drop/n-24-10.pdf
(4)*https://www.law.cornell.edu/definitions/uscode.php?height=800&def_id=26-USC-1830802281-314845245&term_occur=999&term_src=title:26:subtitle:A:chapter:1:subchapter:E:part:II:subpart:B:section:451#:~:text=(3)%20Applicable%20financial%20statement%20For,A)%20or%20(B).*
(5)https://www.vox.com/money/23634085/biden-2024-budget-billionaire-tax-capital-gains[(5)](https://www.vox.com/money/23634085/biden-2024-budget-billionaire-tax-capital-gains)