Biden administration is preparing a new $3 trillion dollars tax hike to fund their infrastructure and climate change plan
As we informed in past news, advisers of the President of the United States, Joe Biden, are preparing a $3 trillion plan to stimulate the economy in the long run. The package includes measures to combat climate change and alleviate inequality in the country, in addition to a series of infrastructure projects that must be partly financed by raising taxes on the wealthiest and businesses.
According to The Washington Post, some members of the Biden administration economic team started to worry about the country long-term financial stability and made a new plan, that is going to increase spending to around $3 trillion instead of $3 and more than $3 trillion in tax increases. The information was brought by people related to the matter on the condition of anonymity.
Joe Biden “Build Back Better” proposal, his post-COVID campaign message, will be split into two parts to be easier for Congress to pass.
There are not too many informations to advance, but for taxes, Biden’s main priority will be to raise the corporate rate from 21 percent to 28 percent. In addition, Biden’s proposal would impose a global minimum tax on profits from foreign organizations, increasing capital gains taxes for the wealthy, and returning to the Bush-era individual rate of 39.6 percent for those making over $400,000.
With informations: NYPost and The Washington Post