Home News TOMORROW Biden Unveils $3 TRILLION Tax Hikes: Married Couples, Estates, and Investors...

TOMORROW Biden Unveils $3 TRILLION Tax Hikes: Married Couples, Estates, and Investors in his Sights

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The Daily Mail:

President will target businesses, married couples, high earners on more than $400k, and estates to fund his climate-friendly infrastructure package

  • Biden is set to announce his infrastructure plan Wednesday in Pittsburgh 
  • Total price tag has been pegged at between $3 trillion and $4 trillion
  • The administration is working on hikes that could make up $3T of the package 
  • Biden says families earning less than $400,000 won’t get tax hit
  • But he is set to target business, married couples and estates 
  • The White House has backtracked on plans to tax drivers by the mile  
  • Individuals filing jointly could still get hit, one tax expert says
  • Move to take on ‘stepped up’ basis for capital gains on investments
  • White House said Biden would propose paying for proposals ‘over time’ 

President Joe Biden is set to announce up to $3trillion in tax increases targeting the rich and middle class when he unveils his infrastructure package in Pittsburgh tomorrow. 

The hikes could hit Americans earning more than $400,000 a year, businesses, married couples and estates.  

It is part of his bid to fund the revenue needed for his bold proposal to pay for new roads, bridges, green technology and ‘human infrastructure’ – which includes subsidies for Americans to pay for health insurance and measures to cut child poverty. 

But the White House is not drawing a line in the sand over Biden’s tax hikes – and even allowing for the possibility the package that moves through Congress not be fully paid for.

Biden is set to announce $3TRILLION in tax hikes tomorrow: President will target businesses, married couples, high earners on more than $400k, and estates to fund his climate-friendly infrastructure package

  • Biden is set to announce his infrastructure plan Wednesday in Pittsburgh 
  • Total price tag has been pegged at between $3 trillion and $4 trillion
  • The administration is working on hikes that could make up $3T of the package 
  • Biden says families earning less than $400,000 won’t get tax hit
  • But he is set to target business, married couples and estates 
  • The White House has backtracked on plans to tax drivers by the mile  
  • Individuals filing jointly could still get hit, one tax expert says
  • Move to take on ‘stepped up’ basis for capital gains on investments
  • White House said Biden would propose paying for proposals ‘over time’ 

President Joe Biden is to announce an infrastructure plan with a price tag of up to $4 trillion. Administration members have been working on tax hikes to pay for it of up to $3 trillion

President Joe Biden is set to announce up to $3trillion in tax increases targeting the rich and middle class when he unveils his infrastructure package in Pittsburgh tomorrow. 

The hikes could hit Americans earning more than $400,000 a year, businesses, married couples and estates.  

It is part of his bid to fund the revenue needed for his bold proposal to pay for new roads, bridges, green technology and ‘human infrastructure’ – which includes subsidies for Americans to pay for health insurance and measures to cut child poverty. 

But the White House is not drawing a line in the sand over Biden’s tax hikes – and even allowing for the possibility the package that moves through Congress not be fully paid for

‘The president believes its responsible to propose a way for paying over time,’ White House press secretary Jen Psaki said Tuesday.

‘There will be a range of views including how to pay for it. ‘Some people may not want to pay for it,’ she noted, adding that Biden is ‘open to having those discussions.’

Psaki held back details about what exactly Biden would propose. ‘He believes that there’s more that can be done to make the corporate tax code fair – to reward work, not wealth,’ she said.

While the White House will put out details on paper, Biden’s role will be ‘laying out … a broad vision ,a bold vision for how we can invest in America .’

The increases could total $3 trillion, the Washington Post reported, with the cost of the infrastructure package running as high as $4 trillion. The rest of the money needed could be made up by borrowing. 

One substantial hike that Biden campaigned on is raising the corporate tax rate to 28 per cent, from 21 per cent. Trump signed legislation dropping the rate to its present level from 35 per cent. 

Biden has pledged that families earning less than $400,000 would not have their taxes raised, and White House Press Secretary Jen Psaki said this would apply to individual filers as well. 

But tax expert Timothy McGrath of Riverpoint Wealth Management told Fox Business there could be scenarios would individuals making less than $400,000 do get hit if they file taxes jointly with their spouse. 

Two individuals each earning $200,000 could get pushed into the top bracket, with the top rate rising to 39.6 per cent.  

More at The Daily Mail

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