REPORT: Biden Already Planning Major Tax Hike

The country is still reeling from the lock downs of the past year. Businesses are struggling to get reopened and millions of people are still out of work.

What is Joe Biden planning? A tax hike.

This is the exact opposite of what a smart person would do. It’s the opposite of what a person who cares about the American people would do.

FOX Business reports:

Biden reportedly planning first major tax hike since 1993 in next economic package

President Biden is reportedly planning to include the first major tax hike in close to 30 years in the next economic spending bill set to follow his $1.9 trillion coronavirus relief package.

The next spending initiative — which is expected to be even bigger, costing as much as $4 trillion — won’t rely on just government debt as a funding source and could include an increase in both the corporate tax rate and the individual rate for high-income earners, according to Bloomberg News, citing a person familiar with the matter.

The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000, expanding the estate tax, creating a higher capital-gains tax rate for individuals earning at least $1 million annually and paring back tax preferences for so-called pass-through businesses.

The White House did not immediately respond to a FOX Business request for comment.

This is such a horrible idea.

Why are Democrats so determined to hurt the economy?

 

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