As Americans look in the mail this week for their $ 1,400 COVID-19 economic check, President Joe Biden is reportedly planning a major tax hike to help fund future government spending plans. It would be the first major tax hike since 1993.
Another spending initiative is on the horizon that will be larger than the $ 1.9 trillion COVID package, according to a report by Yahoo Finance.
The planned tax increases are expected to increase both corporate and individual income taxes.
Here it comes … https://t.co/jDGh80yE97
– Breitbart News (@BreitbartNews) March 15, 2021
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Biden’s tax increase plans
Bloomberg says the new taxes will pay on infrastructure spending, climate protection programs and expanded welfare.
Bloomberg also reports that the plans are likely to reverse some or all of President Donald Trump’s tax cuts for 2017.
With Biden’s new proposal to raise taxes on the horizon, he gives the term “tax and spending liberal” a brand new meaning.
– Will Ricciardella (@WillRicci) March 15, 2021
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Bloomberg offers the following options for the tax increases:
Increase in the corporate tax rate from 21% to 28%.
Increase in income tax rate for those earning more than $ 400,000.
The tax code will be changed to be less beneficial for LLCs.
A higher tax rate on investment income.
The package could cost anywhere from $ 2 trillion to $ 4 trillion.
Biden is considering tax increases that:
– Increase in the corporate tax rate from 21% to 28%
– Increase income taxes for those earning more than $ 400,000
– Reduce tax preferences for pass-through companies
– Expand inheritance tax
– Abolition of capital gains taxes https://t.co/4rSLJEFdnW
– Tim O’Brien (@TimOBrien) March 15, 2021
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Biden keeps the campaign promise to raise taxes
Joe Biden has never made it a secret that he would get rid of Trump’s tax cuts and raise taxes if elected.
Americans For Tax Reform cited a rally in South Carolina Biden in February 2020 where he told a voter that he would actually collect taxes:
Even the recently passed COVID relief package of $ 1.9 trillion was not without introductory tax increases.
Politico reports that there was an item on that bill that removes deductions for public companies that pay top employees more than $ 1 million.
Another is keen on how multinationals levy their taxes. Another objective is how owners of companies without legal personality explain their losses. Together, these items cost around $ 60 billion.
The Hill reports that the Democrats have raised some concerns about new tax hikes.
Senator Joe Manchin initially said he found the lifting of Trump’s tax cuts “ridiculous” but now says, “Everything is open to discussion.”
Another scenario that could prove problematic for Democrats is the fact that tax increases that are passed would not go into effect until election year 2022. Given the Democrats only have a 5-seat majority in the House of Representatives and a 50:50 split in the Senate, this could prove risky.
A member of the Democratic House told The Hill in February that they disagreed that the Biden administration should be collecting taxes at the moment. “People would accept corporate tax increases a few points, but beyond that you will have problems, especially in the middle of an economic crisis.”
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