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And Just Like That, The Party Was Over

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jobsanger: Biden Will Tax The Rich - Not The Middle Or ...

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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Source: https://ncrenegade.com/editorial/and-just-like-that-the-party-was-over/


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