WHAT WE KNOW
The Biden administration is preparing to move ahead with major tax hikes in addition to deficit spending this is their plan to help pay for the forthcoming American Rescue Plan.
(BLOOMBERG)
- first major tax hikes since 1993
- Biden will repeal of parts of President Trump’s 2017 tax cut legislation
- raising the corporate tax rate from 21% to 28%
- raising the income tax rate for individuals earning more than $400,000
- expanding the estate tax
- raising the capital gains tax for people earning more than $1 million per year
According to the Tax Foundation, this corporate tax increase would cause 159,000 jobs from 21% to 28% (Tax Foundation)
HEADLINES
• Biden Gears Up For New Tax Hikes To Pay For More Stimulus—Here’s What We Know
• Biden reportedly planning first major tax hike since 1993 in next economic package
GO DEEPER
The first Democrat tax increase is already happening at the pump.
Bad policy is causing gas prices to surge and working families are hurt the most.
RT if you miss President Trump’s gas prices!
— Representative Mike Loychik (@MikeLoychik) March 9, 2021
THIS IS A BREAKING NEWS STORY WE WILL UPDATE AS MORE INFO BECOMES AVAILABLE
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