The Biden administration just recently signed a $1.9 trillion COVID-19 relief bill this past Thursday, which will help the economy in a major way after the toll the pandemic has taken in the last year.
Now, news surfaced noting that Joe Biden is preparing to propose the first major federal tax hike since 1993 in order to fund education, climate research, and infrastructure. According to reports, the plan to be rolled out by the White House is set to feature a series of tax increases, which include trying to repeal parts of Donald Trump’s tax law that was implemented in 2017, which saw Americans seeing more money in their pay checks. Bloomberg noted that Biden’s plan to be proposed would attempt to raise income tax on those who earn more than $400,000 and raise corporate taxes by seven percent from 21 percent to 28 percent. As of now, it hasn’t been noted if Biden and his team will move forward with a wealth tax. This next package could reach between 2 to 4 trillion dollars. Stay tuned for more updates.