Biden Considering First Major Federal Tax Increase Since 1993
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From the Left
Biden Eyes First Major Tax Hike Since 1993 in Next Economic PlanPresident Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.
Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source. While it’s been increasingly clear that tax hikes will be a component -- Treasury Secretary Janet Yellen has said at least part of the next bill will...
From the Right
Biden Planning First Major Tax Hike Since 1993: ReportPresident 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...
From the Left
Biden is considering a major federal tax increase for the first time in nearly 30 years, report saysPresident Joe Biden is preparing to include a federal tax increase in his next big economic package, according to a Bloomberg report on Monday.
People familiar with the matter told the outlet that the Biden administration is working on a follow-up spending bill to the recently-enacted $1.9 trillion coronavirus stimulus. The initiative is expected to have a bigger price-tag, and may raise the corporate tax rate and the income tax rate for high-earning individuals to offset the spending, Bloomberg reported.
The move would represent the first major federal tax...
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