Apparently the $1.9 trillion COVID Stimulus Act is going to be small potatoes compared to what the Biden administration is cooking up next.
The Biden administration is looking at a new $4 trillion spending package. And this time they hope to fund their massive plan that includes massive spending on infrastructure along with climate as well as expanded handouts for the poor by engaging in some good ‘ol fashion class warfare with tax hikes on the “wealthy” and corporations.
Sarah Bianchi, head of U.S. public policy at Evercore ISI and a former economic aide to Biden, tells Bloomberg that Biden’s “whole outlook has always been that Americans believe tax policy needs to be fair, and he has viewed all of his policy options through that lens.That is why the focus is on addressing the unequal treatment between work and wealth."
Administration officials told Bloomberg that the new tax hikes will be based on Biden campaign proposals, and could include:
- Repealing the Trump administration's 2017 tax breaks
- Raising the corporate tax rate from 21 percent to 28 percent
- Raising the tax rate (to what is not clear) on folks earning more than $400,000
- Expanding estate taxes
- Raising the capital gains tax rate for high earners
- Incentives and/or penalties aimed at U.S. companies who move jobs overseas
Just remember throughout the presidential campaign the media pushed the fallacy that Biden is some sort of centrist.
Nice job to all the NeverTrump Republican who supported Biden in order to “conserve conservatism”. This is on you.