Biden Plans Biggest Federal Tax Hike Since 1993 To Fund Infrastructure, Climate Initiatives
The overall program has yet to be unveiled. Nevertheless, analysts are penciling in between $2 trillion to $4 trillion. No date has yet been set for an announcement, though the White House said the plan would be introduced after the COVID relief bill was signed into law.
Bloomberg has a list of proposals that are reportedly under consideration, though they all likely won’t make it into the final bill. Notably the first two bullets would effectively unwind the two biggest components of the Trump tax cuts.
- 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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Since the Deep State destroyed the economy with COVID-19 restrictions, increased inflation and unemployment, how much will federal tax revenues be down on April 15th? They can raise taxes and spend unlimited money to bail out their shithole Democrat strongholds but they cannot stop the impending economic collapse and its consequential wars.
David DeGerolamo
I am so ready for this foolisness to be over.
Some medical specialists (cardiology, neurology, orthopedic surgeons, etc) close to retirement will probably retire early. Other high paid workers may decide it’s not worth it to work and pay most into taxes.
Who is John Galt?