evidence: President Joe Biden on March 11 released his $7.3 trillion proposed budget for fiscal year 2025, which calls for protecting Social Security, raising the corporate tax rate and quadrupling the tax on corporate stock buybacks. [...] Separately, Biden's budget also proposes raising the minimum corporate tax rate to 21% from 15%, which he called for in his State of the Union address. The Inflation Reduction Act, which Democrats passed in August 2022, previously established a 15% minimum corporate tax rate and a 1% tax on stock buybacks. Under his new budget, Biden proposes quadrupling the stock buybacks tax to 4%, according to a separate White House fact sheet.