wardorican
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Biden planning first major tax hike in almost 30 years: report
President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus pack…
![thehill.com](/proxy.php?image=https%3A%2F%2Fthehill.com%2Fwp-content%2Fuploads%2Fsites%2F2%2F2023%2F03%2Fcropped-favicon-512px-1.png%3Fw%3D32&hash=a6c75174e575e53a15b352cffd9f7144&return_error=1)
And as the report says, it's in the areas he already mostly covered. I think the 28% corporate tax is fair, that's what was originally in Trumps plan, until it got lowered even more to 21%. It was at 35% prior to any action, so while this is an increase, it is lower than it was just 4 years ago.
President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set 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.
The planned increases reportedly include: raising the corporate tax from 21 percent to 28 percent; increasing the income tax rate on people making more than $400,000; expanding the estate tax; paring back tax preferences on pass-through businesses such as limited-liability companies; and setting up a higher capital gains tax rate for individuals making at least $1 million.
It says it will raise about $2.1 trillion more over the next decade.