Biden Planning First Major Tax Hike Since 1993: Report

President Joe Biden is expected to propose a number of tax increases in the first major federal tax hike in nearly 30 years to pay for the long-term economic program that will follow the COVID-19 response bill, according to a new report.

Sources reportedly told Bloomberg that provisions currently under consideration include raising the corporate tax rate to 28 percent from 21 percent; paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships; increasing the income tax rate on individuals earning more than $400,000; expanding the estate tax; and a higher capital-gains tax rate for individuals earning at least $1 million annually.