evidence: President Joe Biden on March 11 sent Congress a fiscal year (FY) 2025 budget that proposes to increase taxes by nearly $5 trillion for corporations and for individuals with incomes above $400,000. Many of the president’s tax proposals -- including a proposal to increase the corporate tax rate to 28% and impose a 25% minimum tax on certain high-income individuals – were included in President Biden’s previous budgets. New tax proposals in the FY 2025 budget include measures to increase the recently enacted corporate alternative minimum tax rate from 15% to 21% and to deny business deductions for employee compensation above $1 million. [...] Observation: President Biden was unable to gain support for many of his key corporate and individual tax proposals during his first two years in office, when Democrats narrowly controlled both the House and Senate. The Senate in particular became a stumbling block and the outcome could have been significantly different if his party had held even one more seat in the Senate at that time. Republicans in the next Congress might be forced to consider some of President Biden’s tax increase proposals as part of a compromise bill preserving key TCJA tax provisions that benefit families and small businesses. [...] President Biden’s proposal to increase the top individual ordinary income tax rate to 39.6% is projected to raise $245.9 billion over 10 years. The proposal to tax capital gain income for high earners at ordinary rates is projected to raise $288.5 billion over the same period.