Biden tax hikes become more likely as Democratic Senate odds increase
by Jay Heflin, Business Editor |
| October 13, 2020 06:30 AM
Rising Democratic fortunes in the Senate are raising the odds of a tax hike.
Democratic presidential nominee Joe Biden's tax plan includes increasing the corporate tax rate from 21% to 28% and returning the top individual tax rate to 39.6% from 37%.
Biden's plan would also tax investments, which currently have a preferential rate, at the much higher income tax rate for those making more than $1 million a year.
The former vice president’s tax plan would increase taxes by more than $3 trillion over the next 10 years and kill more than 500,000 jobs, according to the Tax Foundation, an independent tax policy think tank.
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https://www.washingtonexaminer.com/news/biden-tax-hikes-become-more-likely-as-democratic-senate-odds-increase
