President Joe Biden is gearing up to implement measures aimed at targeting private jets as part of his strategy to increase taxes on the ultra-rich, in a bid to garner support from voters disenchanted with his economic policies.

Under his proposed plan, individuals like Jeff Bezos and Elon Musk would be required to pay a minimum federal tax rate of 25% on their income.

Biden to crack down on PRIVATE JETS in tax raid on the super rich: President will eliminate tax breaks on corporate planes as Donald ramps up use of Trump Force One for 2024 rematch https://t.co/zyRawLiAb0 via @MailOnline

— Amanda (@Joyenz1) March 8, 2024

The impact

This move would also impact Biden's potential rival in the 2024 election, Donald Trump, who heavily relies on his private jet, known as Trump Force One, for campaign travel.

Lael Brainard, the director of the White House National Economic Council, emphasized Biden's commitment to ensuring equitable taxation, asserting that the wealthy should contribute their fair share, while also highlighting Biden's upbringing in Scranton as a testament to his focus on working-class families.

These proposed tax reforms, intended to alleviate the U.S. deficit, come at a crucial juncture for Biden as he seeks to bolster his approval ratings ahead of the November election.

Recent polls

Recent polls indicate that Trump holds a slight lead, with concerns over Biden's handling of the economy, particularly in light of rising inflation, contributing to his waning popularity.

Of significance, Biden's tax agenda would also affect some of his allies, including former climate adviser John Kerry, as well as celebrities like Taylor Swift and Leonardo DiCaprio, who frequently utilize private jets.

The proposed measures encompass various initiatives, such as hiking fuel taxes on both corporate and private jet travel, and increasing the corporate tax rate from 21% to 25%.

Biden aims to utilize the additional revenue generated to expand tax credits for lower-income families and reduce health insurance premiums.

Coming soon

While Biden intends to formally introduce these proposals in his upcoming State of the Union Address and fiscal 2025 budget proposal, their enactment remains uncertain. Despite Democratic control of Congress during the initial stages of his presidency, Biden faced significant hurdles in passing similar tax reforms.

Nevertheless, these tax proposals serve as a cornerstone of Biden's re-election campaign, marking a clear departure from Trump's tax policies, which predominantly favored tax cuts for corporations and high-income earners.

Beyond revenue generation, Biden's plan also seeks to address consumer concerns regarding high prices by targeting corporate practices such as "shrinkflation" and the imposition of "junk" fees.

Measures to limit credit card late fees and crack down on exploitative practices associated with branded credit cards are slated for implementation.