The increase would be used to help pay for the $1.9 trillion pandemic stimulus package — called the American Rescue Plan — which Biden signed into law Thursday.
The planned increases reportedly include raising the corporate tax from 21% to 28%, increasing the income tax rate on people making over $400,000, expanding the estate tax, paring back tax preferences on pass-through businesses such as limited-liability companies, and setting up a higher capital-gains tax rate for individuals making at least $1 million.
The tax hike, the first such measure since Bill Clinton’s overhaul in 1993, will likely include repealing former President Donald Trump’s 2017 tax law, which benefited corporations and wealthy individuals, Bloomberg reported, citing sources.
Get Breaking News & Exclusive Contest in Your Inbox:
- Tabitha Brown Set To Host The Food Network’s First Vegan Cooking Show ‘It’s CompliPlated’
- Lizzo Is Celebrating Body Independence Through Her Yitty Brand
- Brandy Gives Us Style Goals In A Pink Aliette Dress
- Ashanti Is Pretty In Pink At Essence Fest
- Biden Commits To Using Federal Government’s Full Power To Protect Abortion Access
- Savannah James Shows Off Her New Braids And They’re Everything!
- Chloe Bailey Celebrates Her Birthday With A Sexy IG Photoshoot
- D.C. Becoming ‘Chocolate City’ Again After Pandemic ‘White Flight’ Reverses Gentrification Trend
- The Tom Joyner Foundation And BetMGM To Offer Executive Series For HBCU Students
- Colonizer Curriculum: Texas Educators Want To Characterize Slavery As ‘Involuntary Relocation’