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.
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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part of former President Trump’s 2017 tax reform that benefited companies and wealthy individuals would likely be repealed as part of infrastructure and employment packages.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.
Biden seeks to spend $3 trillion more on Green New Deal-like policies after Congress finalizes his $1.9 trillion coronavirus relief legislation. https://t.co/i8mXRhb3Ef
— Breitbart News (@BreitbartNews) February 19, 2021
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.
People are rejecting Joe Biden's promised tax raises on Americans. https://t.co/6S7EnMP0Ec
— Breitbart News (@BreitbartNews) October 25, 2020
“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%.