Biden Planning Largest Tax Hike In Decades As Part Of The Next Multi-Trillion Dollar Spending Plan
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President Joe Biden is considering a tax hike to underwrite the economic program launched by the approval of his $1.9 trillion pandemic stimulus package, a Monday report by Bloomberg claims. The tax jump will be the first major lift in federal taxes in almost 30 years if successful.
Bloomberg quotes unidentified sources to outline the increases will back Biden’s promises made during his 2020 campaign.
An independent analysis of the Biden campaign’s tax plan conducted by the Tax Policy Center found it would raise around $2.1 trillion over 10 years, according to the report.
Tax hikes included as part of the infrastructure and job packages will likely include repealing part of former President Trump‘s 2017 tax law that benefitted corporations and wealthy individuals, the news outlet notes, citing sources close to the matter.
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