President Biden
Joe Biden The Hill’s Morning Report – Presented by Facebook – Biden will be launched, all senator of the relief law COVID-19 The Oregon senator takes the lead in the Democratic debate on filibustering This week: Democrats observe the next step after the coronavirus relief bill wins MORE It is reportedly planning the first major federal tax hike in nearly 30 years to fund the planned economic program to follow the recently approved $ 1.9 trillion pandemic stimulus package.
Unidentified sources told Bloomberg that the increases will reflect the promises Biden made during his 2020 campaign.
According to reports, the projected increases include: raising corporation tax from 21% to 28%; increase the income tax rate for people earning more than $ 400,000; extend the property tax; amortize tax preferences in passive companies, such as limited liability companies; and set a higher capital gains tax rate for people who earn at least $ 1 million.
As Bloomberg points out, an independent analysis of the fiscal plan of the Biden campaign conducted by the Center for Tax Policy showed that it would raise about $ 2.1 trillion in ten years.
Tax increases included as part of the infrastructure and work packages are likely to include the repeal of some of the above. President Trump
Donald Trump: The Hill’s Morning Report – Presented by Facebook – Biden will be launched, all Oregon Senator, COVID-19 relief legislator, takes center stage in Democratic debate on filibuster Juan Williams: Trump’s envied envies they cannot hide their failures MOREThe 2017 tax law that benefited wealthy businesses and individuals, the newspaper notes, cites sources close to the issue.
“His whole point of view has always been that Americans believe that fiscal policy should be fair and he has seen all of his political choices to that end,” former Biden economic assistant Sarah told Bloomberg Whites. “That’s why it focuses on addressing the unequal treatment between work and wealth.”
According to Bloomberg, any tax increases that are approved will likely take effect from 2022, according to which some lawmakers have called for the administration to stop so that pandemic-related unemployment remains high.