Business Insider Biden is considering a major federal tax increase for the first time in nearly 30 years, report says

https://www.msn.com/en-us/money/mark...6O0?li=BBnb7Kz






© Jim Watson/AFP via Getty Images President Joe Biden Jim Watson/AFP via Getty Images

• President Joe Biden is reportedly planning a tax increase in his next spending package.
• Bloomberg reported that Biden is considering raising the corporate tax rate from 21% to 28%.
• Biden's also thinking about increasing income taxes for individuals who earn over $400,000 a year.
• See more stories on Insider's business page.

President Joe Biden is preparing to include a federal tax increase in his next big economic package, according to a Bloomberg report on Monday.

People familiar with the matter told the outlet that the Biden administration is working on a follow-up spending bill to the recently-enacted $1.9 trillion coronavirus stimulus. The initiative is expected to have a bigger price-tag, and may raise the corporate tax rate and the income tax rate for high-earning individuals to offset the spending, Bloomberg reported.
The move would represent the first major federal tax hike in nearly 30 years, per Bloomberg. The last significant tax increases were implemented in 1993 under the Clinton administration.
Sources with knowledge of the private discussions told Bloomberg that current ideas involve raising the corporate tax rate from 21% to 28%, bumping up the income tax rate for individuals who earn more than $400,000 per year, increasing the capital-gains tax rate for individuals who earn at least $1 million per year, expanding the estate tax, and "paring back" tax preferences for pass-through businesses, which are not subject to corporate taxes, such as limited liability companies.
White House press secretary Jen Psaki on Monday told reporters that "there isn't a package yet" but that Biden's next proposal aims to fulfill components of his "Build Back Better" agenda touted on the 2020 presidential campaign trail.
"The president remains committed to his pledge from the campaign that nobody making under $400,000 a year will have their taxes increased," Psaki said. "His priority and focus has always been on people paying their fair share and also focusing on corporations that may not be paying their fair share either."
The Tax Policy Center, a nonpartisan think tank, reported that Biden's campaign tax plan would generate roughly $2.1 trillion over a decade, Bloomberg noted, but added that the administration's plan will probably not be that large.
Republicans are widely expected to push back on any tax-increase initiatives, according to Bloomberg. The party, under the Trump administration, passed sweeping tax cuts in 2017 - the biggest overhaul to the federal tax code in three decades - without any Democratic votes. The law reduced the corporate tax rate from 35% to 21%. Democrats assailed the bill as a "heist" that would "exacerbate inequality" in the country. Biden's proposal would likely repeal elements of the 2017 Tax Cuts and Jobs Act, Bloomberg reported.



if One thinks the irresponsible spending of teh DPST fascists is out of control - wait until the tax hikes, and spending for the soylent Green new Deal come in - because we have only 9 years to save the environment unilaterally - so says 'AOC' _ and of course, she is authoritative - even though she has the IQ of a bag of hammers.

Fiden crime cabal tax increases will neve rbe enough to pay their spending bills - even if they tak the entire GNP.

and - if they could get away with - they will do so - because their idiotology means they must control all means of production under a marxist/fascist system.

Hell ya, tax them rich fuckers.

Should also be a tax on top line revenue numbers.

Any snowflake DPST who seriously thinks fiden crime cabal will limited exorbitant taxes for their horrendous irresponsible spending - Voted fiden for POTUS.

and deserves to see their income cut severely by confiscatory taxes on every law-abiding American .

of course - Your so valued illegals will be exempt from taxation - and the focus of more and more DPST frees stuff - as long as they vote DPST.
Thank you - valued poster.
a poster child for belief in Bernie and AOC.

Admit it Boris Jackov, you a communist.

Any snowflake DPST who seriously thinks fiden crime cabal will limited exorbitant taxes for their horrendous irresponsible spending - Voted fiden for POTUS.

and deserves to see their income cut severely by confiscatory taxes on every law-abiding American .

of course - Your so valued illegals will be exempt from taxation - and the focus of more and more DPST frees stuff - as long as they vote DPST.
Thank you - valued poster.
a poster child for belief in Bernie and AOC. Originally Posted by oeb11

Well, why is this a surprise?
Folks maybe didn't believe the dims during the election?
Appears that the dims are willing to risk losing control of house and senate during midterm elections. Seriously, what voter is gonna vote for a guy that raised taxes? And that includes employees that work for a business that had its taxes raised causing tighter margins for that business

Well, why is this a surprise?
Folks maybe didn't believe the dims during the election?
Appears that the dims are willing to risk losing control of house and senate during midterm elections. Seriously, what voter is gonna vote for a guy that raised taxes? And that includes employees that work for a business that had its taxes raised causing tighter margins for that business Originally Posted by Unique_Carpenter

They are sacrificing the top 1.8% of earners, lower income voters will love it and be much more inclined to vote blue.

Thank U - 'r' - from teh party of buying vote, and streaming votes acros teh southern border

and no concept that Voting - is a responsibility of "citizens".


as long as the new voters vote DPST , and support all the free stuff the terrorists, traffickers, gangs., drug smugglers, and criminals get from the criminal fiden cabal.


As long as DPST minions get their' bread and circuses' - and new flat screen tv's - U don't care.

enjoy living under a hammer and sickle dictatorship.

They are sacrificing the top 1.8% of earners, lower income voters will love it and be much more inclined to vote blue. Originally Posted by royamcr

Roy, you missed my point of also causing less jobs for the lower income folks cause industrial employer can't afford the employee cost if specific costs are dictated to employer. Are we all forgetting why a lot of assembly jobs went to Mexico and other overseas locations a while back?

Just because they make over 400k doesn't mean they are job creators. 400k is household income.

Thank you 'r' - letting us poor out of teh loop non-marxist non- radical non- DPST's understand the massive hyerinflation fiden and your criminal cabal in congress have underway with massive hyperspending.

$400K will become the price of a loaf of bread in America - if bread can be found at all under the marxist DPST revolution in teh Union of soviet Socialist States of Amerika.

Thank you 'r' - letting us poor out of teh loop non-marxist non- radical non- DPST's understand the massive hyerinflation fiden and your criminal cabal in congress have underway with massive hyperspending.

$400K will become the price of a loaf of bread in America - if bread can be found at all under the marxist DPST revolution in teh Union of soviet Socialist States of Amerika. Originally Posted by oeb11

Just cleaning up Trumpstains Boris.

7 Billion , thats all folks ,,,,,,,, so for the pudding and chief fans just brilliant 1400 check and 6000 in tax s

Just cleaning up Trumpstains Boris. Originally Posted by royamcr

One must have food to eat - to make 'trumpstains' 'r'


Perhaps someday you can write something cogent and constructive - rather than teh name-calling and scatology.

Doubtful.

yay, just what I specifically voted against.

Hell ya, tax them rich fuckers.

Should also be a tax on top line revenue numbers. Originally Posted by royamcr

There is a tax on the top line revenue numbers. It's called a sales tax. Here in Texas, businesses pay 8% or 9% of their top line revenues as sales taxes. And it's a regressive tax, it hits the poor the hardest. That's because the sales tax they pay , directly or indirectly through higher prices, represents a larger percentage of their income, compared to upper income taxpayers.

I looked at a couple of items this afternoon written by the Tax Foundation and the Congressional Budget Office, that indicate if you increase the capital gains tax on people who are making over $1 million a year, as planned by Biden, the government will get less revenues from the tax. The reason is because when you raise capital gains too high, people don't sell anything, so they won't have to pay the tax.

So why the fuck would you do it? The rich end up worse off because they pay at a higher tax rate. The poor end up worse off because the government raises less revenue.

Well, royamcr hit the nail on the head. So you fuck the rich fuckers. So you can cut off your nose to spite your face. Why? Because populism and class warfare appeal to a large number of Democratic voters. So that's why you saw the lot of them, Biden, Sanders, Warren, Harris, Buttigieg, in a contest to see who could tax the rich the most.