I hope all y’all Never Trumpers and squishy conservatives are enjoying the fact that Trump can’t tweet mean things. Totally worth it. Now we continue to have a lack of civility, but package it with tax increases, spending avalanches, and the rapid advance of socialism in America. That seems like a reasonable tradeoff.
Joe Biden is planning to propose the first substantial federal tax hike since 1993 for Americans to help pay for his long-term economic program after he signed the largest stimulus package in U.S. history with a price tag of $1.9 trillion.
Now the White House is preparing to roll out another sweeping plan to tackle infrastructure and the economic crisis, which some say could fall somewhere between the $2-$4 trillion mark.
Four people familiar with discussion told Bloomberg that Biden is expected to propose a series of tax increases, including repealing parts of Donald Trump’s 2017 tax law that resulted in most Americans seeing more in their paychecks, to help fund the latest proposal.
Among Biden’s ideal proposals in the tax hike is raising the corporate tax rate by 7 per cent from 21 per cent to 28 per cent.
He also plans to raise the income tax on those earning more than $400,000 and implement a higher capital-gains tax rate for individuals earning at least $1 million per year to help fund his next spending package.
Also on the docket to get Americans to pay for the plan is scaling back tax preferences for businesses and expanding the reach of the estate tax.
Biden’s Treasury Secretary Janet Yellen said Sunday that the administration has yet to decide if it will move forward with a wealth tax.