Biden planning largest tax hike in almost 30 years

President Joe Biden is reportedly planning the largest hike in federal taxes in almost three decades to fund a long-term economic recovery program to follow in the footsteps of the recently passed $1.9 trillion stimulus package.

Unnamed sources confirmed the plans to Bloomberg News over the weekend, reportedly indicating that the major tax hike — the first since 1993 — is expected to pay for key Biden administration initiatives such as “infrastructure, climate, and expanded help for poorer Americans.”

But the sources said the planned changes are not designed to fund only the key priorities of the administration. With the tax hike, Biden’s team hopes to address what Democrats argue are “inequities in the tax system itself.” According to the Bloomberg report, the changes include:

  • Raising the corporate tax rate to 28% from 21%
  • Paring back tax preferences for so-called pass-through businesses, such as limited liability companies or partnerships
  • Raising the income tax rate on individuals earning more than $400,000
  • Expanding the estate tax’s reach
  • A higher capital gains tax rate for individuals earning at least $1 million annually

“His whole outlook has always been that Americans believe tax policy needs to be fair, and he has viewed all of his policy options through that lens,” Sarah Bianchi, a former Biden economic aide, told Bloomberg. “That is why the focus is on addressing the unequal treatment between work and wealth.”

Bloomberg cited an independent analysis of the plan conducted by the Tax Policy Center, which assessed it would raise taxes on American citizens by $2.1 trillion over 10 years. The group originally projected the plan would raise taxes by $4 trillion over a decade, but revised its forecast last November.

The plans are unsurprising coming from the Biden administration and progressive Democratic lawmakers, who have already shown a willingness to raise taxes to accomplish their policy goals. Democrats snuck $60 billion in tax hikes into the coronavirus relief bill even as the country faces continued economic difficulty as a result of the pandemic.

However, despite falling in line with Biden’s campaign promises and demands from progressive lawmakers, any major tax hikes may face an uphill battle in Congress. Tax hikes, especially if they result in a repeal of former President Trump’s 2017 tax cuts, are a non-starter for Republicans. Likewise, moderate Democrats have shown some reluctance to the idea.

Moderate Democratic Sen. Joe Manchin (W.Va.) previously told The Hill repealing Trump’s tax cuts would be a “ridiculous” idea, though he later added, “Everything’s open for discussion.”

Then last month, an anonymous Democratic House member told The Hill the government should not be raising taxes.

“People would accept the corporate tax raised a few points, but beyond that you’re going to have problems, especially in the middle of an economic crisis,” the lawmaker reportedly said.

9 thoughts on “Biden planning largest tax hike in almost 30 years

  1. Bend over and grab your ankles, the Gooberment is coming for you! If you voted for this clown show don’t even think about complaining!

    1. You’re not talking to me Jay A. you repugnant goobers have been raking in huge amounts and getting away with no taxes- Pay up or get out.

  2. Biden planned this??? Is there a blizzard in the Sahara??? He couldn’t plan tying his shoes!

    Sounds more like Oblammer!!! Best wayhe can see to maintain his PHONEY legacy and redistribute more wealth….. One thing about this plan you can bet on though is that the majority of the “new” tax money will come from the disintegrating middle class!

  3. Biden is bringing down this country who ever voted for this idiot is a freaking idiot, the whole countries suffer

  4. Joe Biden is doing exactly what he promised those who voted for him that he would do.
    A VERY LARGE NUMBER OF YOU VOTED YOUR WAY INTO COMMUNISM UNDER BIDEN/HARRIS!! YOU DRAGGED THE REST OF US ALONG WITH YOU AND NOW YOU CAN REST ASSURED WE WILL ALL BE REQUIRED TO SHOOT OUR WAY OUT!!! IF WE CAN!!!!!

  5. YOU VOTED FOR *JOE BIDEN*, ONE OF THE FIRST THINGS HE DID WAS STOP THE OIL PIPE LINE FROM CANADA, OIL WILL HAVE TO BE TRANSPORTED BY TRUCK, THUS MAKING THE COST OF GAS TO GO UP, IN THE AREA I LIVE GAS HAS GONE FROM $1.89 TO $2.84 A GAL. IN THE PAST MONTH, SUPPOSED TO GO WELL OVER $3.OO INTHE FUTURE. ALL YOU IDIOTS OUT THERE CONTINUE TO VOTE FOR *DEMOCRATS* AND WATCH THE PRICE OF EVERYTHING GO UP. HOW IS THIS GOING TO HELP THE POOR TO MIDDLE CLASS PEOPLE RECOVER FROM THE PAST TO WHAT WAS LOST DURING THE COVID-PANDMIC? EVERYTHING APPEARS TO BE GETTING WORSE.

  6. From a hopeful future to a Communist/Socialist one, which will cost Americans dearly. We’ve got our educators, the media, and big tech to thank for this vile ideology, and the saps who believe them.

  7. What do you expect. Communist China paid 1.5 Billion dollars for Biden. They own him lock, stock and barrel. What ever they want.

  8. This is what happens when you vote for a demented fool who hasnt a clue what his country needs. He just went on a Left tour giving all that they want to have a chance at the Helm. IDIOT!!!!
    America will suffer in August one of the worst financial crashes and the news media will have to eat their own doing!!!!!

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