President Joe Biden is reportedly planning the largest hike in federal taxes in almost three decades to fund a long-term economic recovery program to follow in the footsteps of the recently passed $1.9 trillion stimulus package.
Unnamed sources confirmed the plans to Bloomberg News over the weekend, reportedly indicating that the major tax hike — the first since 1993 — is expected to pay for key Biden administration initiatives such as "infrastructure, climate, and expanded help for poorer Americans."
But the sources said the planned changes are not designed to fund only the key priorities of the administration. With the tax hike, Biden's team hopes to address what Democrats argue are "inequities in the tax system itself." According to the Bloomberg report, the changes include:
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-- excerpt, rest at link above --
"I wish it need not have happened in my time," said Frodo.
"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us."
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Biden reportedly planning largest tax hike in almost 30 years
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Mon Mar 15, 2021 11:58 am
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