Reports suggest Biden is planning first major federal tax hike in nearly 30 years

President Joe Biden has made no secret of his big-spending predilections — or the necessity of tax hikes to fund his ambitious agenda.

Recent reports indicate that his administration is taking a serious look at how to pursue that plan.

Likely focus of Biden tax plan

According to Bloomberg, Biden is currently plotting the first major federal tax increases in roughly 30 years in hopes of financing a huge economic program.

After signing a nearly $2 trillion COVID-19 relief bill into law over the objections of every Republican on Capitol Hill, the president is reportedly barreling toward even more costly partisan agenda items.

The COVID-19 package, which the GOP criticized as unfocused and wasteful, was one of the most expensive bills to ever become law. Biden now appears poised to raise taxes on Americans to pay for an even pricier economic program he has planned next, according to Bloomberg.

Of course, the White House is insisting that only the wealthiest Americans will be paying higher taxes, assuring middle-class taxpayers that they will not be hit with the increased liability.

The president is reportedly planning to raise the corporate tax rate from 21% to 28%, raise capital gains taxes on individuals earning more than $1 million per year, and raise the income tax rate on those who make more than $400,000 annually.

“Tax policy needs to be fair”

Also in Biden’s plan is an expansion of the estate tax. Furthermore, the administration will likely attempt to eliminate former President Donald Trump’s 2017 tax cuts, which critics have denounced as a giveaway to the rich.

According to the Tax Policy Center, the Biden campaign’s tax plan would raise more than $2 trillion over the course of a decade, though the exact scope of the president’s plan has not yet been made clear.

Former Biden economic aide Sarah Bianchi explained: “His 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.”

If he is successful in hiking the federal tax rate next year, it will be the first serious tax increase since former President Bill Clinton’s in 1993.

Unless he backs a strictly partisan course as with the recent COVID-19 relief bill, however, Biden will need to convince at least 10 Senate Republicans to vote in favor of his plan.

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23 Responses

  1. Considering Donald Trump was Saving America and was the Greatest Custodian
    of We The People in my lifetime I find it Ironic that the Democrats after stealing
    their way back into the White House are so quickly getting back on Their Road
    to Perdition that Trump Roadblocked. They hate America it’s Founders it’s
    Constitution and the American P:eople. Time to Wake up People Why on earth
    do you vote Democrat? Amen

    1. Joe Biden has no need to worry about anything he does with the backing of the liberal media running protection for him. If President Trump made even one of the mistakes that biden has made the media would be on him a bee on honey.

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  3. How about we give you $1400 check and you can pay us back $ 10,000. I suppose reversed this way the Govt can pay out of their wages and see how they like getting screwed!

  4. Biden won’t remember raising taxes when he in the memory ward. The demorats will pay for his stupidity st the ballot box hopefully. He is such a ignorant loser who stole an election.

  5. This whole situation is unbelievable. Are you sure we are still living in the United States? We now have immergrents running all over Texas and other states, looting, garbage all around, asulting women and whatever they canget away with. Biden opened the gates and I think he should open the White House for their bedding and care. Instead he has put children & women in canasters who have to take turns sleeping on the floors. No mention of food ! They should all be trucked to the White House – food, facilities and bedding. He wanted immergrentsto vote again for him so he had better house them.

  6. I don’t believe the democrats are communists, but so into their own power and desire for as much of the tax payers money to stuff into their own pockets, that they don’t care enough about this country to delegate the needed issues to those who are actually capable of building on this great country, so everyone has an equal opportunity to excel, which is what our constitution demands! IT DOES NOT DEMAND THOSE WILLING TO WORK GIVE TO THOSE UNWILLING TO WORK! IT DOES NOT DEMAND EVERYONE ENJOY THE SAME THINGS OTHERS GAIN FROM THE FRUITS OF THEIR HARD EARNED WORK!!

    The American people what to know, what your doing acting as a president? His frequency of blanks has increased, the inevitable is occurring more often, where is this tax payor white house doctor? Has this person been approved to serve? Are we going to leave our Country open for this? Are those who know, going to be held responsible for his mental decisions taken? No State of the Union address, and on the World Stage who is really making decisions that he can not? Where is the medical report that says he is fit to serve? Again where is the tax payor white house doctor ? Again no State of the Union speech? Propped to sign executive mandates and then what? Who are these keeping up this masquerade?

  8. No problem Joe. We can pay those Taxes by way of Cargo Containers for Northbound Children covered both interior and exterior with paper Insects.
    You are a disgrace to humanity and are exactly like Andrew Cuomo in your People handling. On top of that, you blame Trump’s Administration as your scapegoat.
    Your autocratic ways have destroyed bipartisanship at the expense of those blindly misguided extorted Children while smiling at the Cameras.
    Your number one priority is Covid-19, everything else can wait. IMO

  9. I don’t understand Congress that knows Biden is not physically or mentally fit for office and Harris and Pelosi are mentally insane and should be charged for high crimes and misdemeanors. All three of them should be impeached for stepping all over the Constitution and trying to make this a Communist Country.

  10. Joe Biden hasn’t been in office three months and has screwed up everything Trump did. Pelosi and her band of idiots tried for four years to do the same thing. Now, as we can see everything the democrats wanted is now on its way to reality. Kind of odd that since cool Joe took office the greatness of Donald Trump is being torn to shreds. Take a close look at Biden (if you ever see him)he is a sick puppy. The man is not capable of flushing a toilet let alone running our country but he has a lot of help coaching his presidency.

  11. Biden is only reading what they tell him to. China Joe is a poor reader as well. Cannot speak on his own. Nursing home candidate right now.

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