Joe Biden To Fund Multi-Trillion Dollar Plan

Joe Biden is making a move again

The US President plans to propose the first big federal tax hike since 1993 in order to fund his plan to fight climate change and tackle infrastructure and other Socialist pet projects.

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The new economic package would cost between $2 and $2 trillion dollars. Oh, yer, this goes on top of the $1.9 trillion COVID relief bill the President signed.

Bloomberg News released a report:

The tax hikes included in any broader infrastructure and jobs package are likely to include repealing portions of President Donald Trump’s 2017 tax law that benefit corporations and wealthy individuals, as well as making other changes to make the tax code more progressive, said the people familiar with the plan.

The following are among proposals currently planned or under consideration, according to the people, who asked not to be named as the discussions are private:

  • 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. (Biden on the campaign trail proposed applying income-tax rates, which would be higher)

We are still living with the consequences of the lockdowns. Biden is now raising taxes. Democrats will try really hard to win this one. Republicans will probably try to fight back on the plan, but their political opponents will always find a way to pass the bill without their support.

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Source: The Gateway Pundit

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