Biden Announces Large Tax Hike, But Not for All Americans

Source: The Washington Post / Getty

According to NBC4i, President Joe Biden is planning to execute the first major tax hike in federal taxes in almost 30 years, Bloomberg reported Monday.

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.

For the full NBC4 story click here