Get ready, America.
I said it was coming. The Great American Tax Hike is in the works.
After all, you can’t spend $1.9 trillion you don’t have.
Sure enough, Biden and his administration are joining the extreme progressive wing of the Democrat party (who want higher taxes to pay for pet projects like Basic Income, Infrastructure, and Reparations) to propose the biggest increase in federal taxes since 1993.
The tax hikes will take affect next year, according to a report in Bloomberg.
Among the proposals:
Raising the corporate income tax to 28% from 21%.
Raising income taxes on individuals earning more than $400,000.
Expanding the reach of the estate tax.
Raising Capitol Gains taxes on those with income over $1 million. (Biden proposed on the campaign trail applying income tax rates which would be higher.)
Biden would need Congress’s help in accomplishing these measures and Senator Joe Manchin has indicated that he’s not in favor. So, part of the Biden Harris promotional tour is to help convince Americans that higher taxes are needed to fund an addition $2-$4 trillion in government stimulus.
Somehow, I do not think their proposals will be met with enthusiasm. But, we’ll see.