This is not looking good.
Half a year into Joe Biden’s presidency and Democrats still aren’t taking their foot off the gas when it comes to raising the taxes on corporations and the wealthy.
According to CNBC, the Biden Administration is looking to make several sweeping changes that have top economists worried will prevent the economy from recovering.
In Biden’s tax plan, Democrats are looking to looking to:
- Raise the domestic corporate tax rate to 28% from 21%
- Increase top individual income tax rate to 39.6% from 37%
- And raise the capital gains tax rate for individuals earning $1 million+ yearly from 20% to 39.6%
Currently, Republicans are fighting to prevent Biden’s tax plan from taking affect but there is currently no clear answer as to what will happen.
In May 2020, Biden stated, “My tax policy is based on a simple proposition, which is to stop rewarding wealth and start rewarding work a little bit. Taxes are going to build back a better economy, boost it, create a middle class, and create jobs, Paycheck Protection Program, health care, the confidence to come back.”
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