POLITICS

Joe Biden Reveals Plans For First Major Tax Hike in a Generation

According to a Monday Bloomberg article, President Joe Biden is proposing a tax hike to fund the economic program initiated by the approval of his $1.9 trillion pandemic stimulus package.

If enacted, the tax increase would be the first significant increase in federal taxes in nearly 30 years.

Join The True Defender Telegram Chanel Here: https://t.me/TheTrueDefender

According to the paper, an independent study of the Biden campaign’s tax proposal by the Tax Policy Center found that it would collect $2.1 trillion over ten years.

According to the news site, which cites sources close to the situation, part of former President Trump’s 2017 tax reform that benefited companies and wealthy individuals would likely be repealed as part of infrastructure and employment packages.

During last year’s presidential debates, Biden expressed his intention to increase taxes on everybody, including the middle class, according to Breitbart News.

During the first of three debates with President Trump, Biden said, “That’s why I’m trying to scrap the Trump tax cuts.” “I’m going to abolish those tax cuts,” he said once more to reinforce his point.


This item sells for $39.95 on Amazon. Today's special promotion is offering a massive discount on this item. President Trump 2020 Coin (Gold & Silver Plated) - Claim 1 Free OR Claim a Discount + Free Shipping This coin is a symbol of President Trump's victory and success. Get Coin HERE Or Click on the image below.

Ex-Biden economic aide Sarah Bianchi told Bloomberg, “His entire perspective has always been that Americans believe tax policy needs to be equal, and he has seen all of his policy choices through that prism.” “As a result, the emphasis is on mitigating the disparity in treatment of employment and wealth.”

According to Bloomberg, any tax increases passed will likely take effect in 2022, despite the fact that some lawmakers have urged the administration to hold off because pandemic-related unemployment remains large.

To advance the bill under regular Senate rules, Democrats will need the support of at least ten Republicans.

“We’ll have a huge vigorous debate about the appropriateness of a big tax increase,” Senate Minority Leader Mitch McConnell predicted last month, predicting Democrats will seek a compromise bill that would bypass Republicans and aim for a corporate tax rate even higher than 28%.

Join Now
Source
www.thehill.comwww.news.yahoo.comwww.breitbart.com

Margaret Taylor

Experienced communications professional with 10 years of experience in international journalism.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

For continue reading on the site please disable the Ad-block