Topline Fresh off a major success with the $1.9 trillion American Rescue Plan, the Biden administration is preparing to move ahead with an ambitious infrastructure, jobs and clean energy package that could be worth as much as $4 trillion and—crucially—financed in part by major tax hikes in addition to deficit spending. U.S. President Joe Biden speaks during an event on the American Rescue Plan in the Rose Garden of … [+] the White House on March 12, 2021 in Washington, DC. Getty Images Key Facts Bloomberg reported Monday that Biden’s advisors are preparing for increases to the corporate tax rate and the individual tax rate for high earners to help pay for the forthcoming spending package—these would be the first major tax hikes since 1993. The tax changes will likely include the repeal of parts of President Trump’s 2017 tax cut legislation. They could include raising the corporate tax rate from 21% to 28%, reducing tax benefits for pass-through businesses, raising the income tax rate for individuals earning more than $400,000, expanding the estate tax, and raising the capital gains tax for people earning more than $1 million per year, Bloomberg reported, citing people familiar with the plan. The Treasury Department is… Click below to read the full story from Forbes
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