Premium tax credits (PTCs)

The American Rescue Plan Act expanded eligibility for health insurance subsidies to taxpayers with household incomes that are 400% above the federal poverty line established for 2011 and 2022.

It also lowered the applicable contribution percentage, which is the percentage of household income a taxpayer is required to contribute toward a healthcare insurance premium.

The Inflation Reduction Act of 2022 extended the expansion through 2025. The new 2024 tax plan would make this expansion permanent.

Minimum wealth tax

Biden’s plan would also impose a minimum 25% tax on total income, typically inclusive of unrealized capital gains, for all taxpayers with wealth exceeding $100 million. This is meant to ensure that no billionaire pays a lower tax rate than a firefighter or teacher.

According to the White House, the proposed tax would apply to only the top 0.01% of taxpayers.