Biden planning first major tax hike in almost 30 years: report

[mystery-ak]

Biden planning first major tax hike in almost 30 years: report
By Joseph Choi - 03/15/21 07:33 AM EDT

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.

The Hill has reached out to the White House for comment.

As Bloomberg notes, an independent analysis of the Biden campaign's tax plan conducted by the Tax Policy Center found that it would raise around $2.1 trillion over 10 years.

more
https://thehill.com/homenews/administration/543180-biden-planning-first-major-tax-hike-in-almost-30-years-report

[Wingnut]

Whatever.  We all knew his socialist handlers would be pushing this job and economy killing bullshit.

[catfish1957]

The real elelphant in the room is how hush hush Biden's plan for estate taxes are being envisioned.  Word has it that Pedo Joe is strongly supporting an initiative to return provisions back to 2008 levels.  $3.5M individual, $7.0M total with spousal content. Possibly adjusted for inflation to $5M/$10M

Right now that exemption is $11.5M/$23M

[cato potatoe]

Every change on Biden's list will encourage the wealthy to flee along with their capital.  Since both parties infantilize the lower class, I have to wonder if the damage can ever be reversed.

[Fishrrman]

Comrade citizens, the next "stimulus" bill (being worked up behind-the-scenes right now) is going to come in around $4 trillion.

The revenue must come from somewhere. We believe the bourgousie and petit bourgeousie are most suited to provide it.

[rangerrebew]

Biden reportedly planning largest tax hike in almost 30 years
News

Here are the details
Phil Shiver
March 15, 2021
 

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:

https://www.conservativereview.com/biden-reportedly-planning-largest-tax-hike-in-almost-30-years-2651083594.html