Biden reportedly planning first major tax hike since 1993 in next economic package
(Worthy News) – President Biden is reportedly planning to include the first major tax hike in close to 30 years in the next economic spending bill set to follow his $1.9 trillion coronavirus relief package.
The next spending initiative — which is expected to be even bigger, costing as much as $4 trillion — won’t rely on just government debt as a funding source and could include an increase in both the corporate tax rate and the individual rate for high-income earners, according to Bloomberg News, citing a person familiar with the matter.
The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000, expanding the estate tax, creating a higher capital-gains tax rate for individuals earning at least $1 million annually and paring back tax preferences for so-called pass-through businesses. [ Source: Fox Business (Read More…) ]
Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.
💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.
📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌