Biden Reportedly Planning Major Tax Hike

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The first major tax hike in 30 years may soon be on its way under Joe Biden.

Bloomberg reports that, "Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source."

Major tax hikes are expected to be a component of the measure which is also being seen as an opportunity to fund Biden initiatives - reportedly including trillions earmarked to address climate change.

 

 

 

According to Bloomberg:

The following are among proposals currently planned or under consideration, according to the people, who asked not to be named as the discussions are private:

  • Raising the corporate tax rate to 28% from 21%
  • Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships
  • Raising the income tax rate on individuals earning more than $400,000
  • Expanding the estate tax’s reach
  • A higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher)

 

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Democrats would need at least 10 Republicans to back such a bill to move it forward in the Senate, whether any will come out in support of a tax increase remains to be seen.

MRC Merch

MRC Merch