President Joe Biden is reportedly planning the first major tax hike in nearly three decades – a proposal one expert says couldn’t come at a worse time.
According to Bloomberg, under consideration are: increasing the corporate tax rate from 21% to 28%; expanding the estate tax; boosting the capital-gains tax rate; and increasing the income tax rate on individuals earning more than $400,000/year. Analysis indicates it would raise $2.1 trillion over ten years – and it’s viewed as an opportunity for the administration to fund key initiatives like infrastructure, climate change, and what Democrats contend are “inequities” in the tax system itself.
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