BIDEN PLANS TAX HIKE - March 16, 2021 Episode

Biden plans 1st major tax hike since 1993

President Joe Biden is planning to execute the first major tax hike in federal taxes in almost 30 years.

The increase would be used to help pay for the longterm economic program that will be a follow-up to Biden’s $1.9 trillion pandemic stimulus package — called the American Rescue Plan — which he signed into law Thursday.

The planned increases reportedly include raising the corporate tax from 21% to 28%, increasing the income tax rate on people making over $400,000, expanding the estate tax, paring back tax preferences on pass-through businesses such as limited-liability companies, and setting up a higher capital-gains tax rate for individuals making at least $1 million.

The tax hike, the first such measure since Bill Clinton’s overhaul in 1993, will likely include repealing former President Donald Trump’s 2017 tax law, which benefitted corporations and wealthy individuals, Bloomberg reported, citing sources.

From 1979 to 2019, the wealthiest 1%’s share of pre-tax income jumped from about 11% to 19%, according to the World Inequality Database, maintained by Gabriel Zucman, an economist at the University of California, Berkeley, and other experts on inequality. And that group’s share of wealth — including real estate and stock portfolios — surged from roughly 23% to 35% in the same period.

“To further reduce inequality, Congress would need to increase taxation at the top end — in particular, the taxation of wealth and capital income,’’ Zucman said. “There is a real risk, otherwise, that wealth concentration, which has surged over the last four decades, will keep rising in the post-COVID world.’’

#TaxHike #BidenTaxHike

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