Biden reportedly plans largest tax hike in almost 30 years
WASHINGTON - President Joe Biden is reportedly planning the largest federal tax hikes in almost 30 years.
Unnamed sources gave information on the planned hikes to Bloomberg News.
Among the details that were leaked include raising the corporate tax rate up to 28% from 21%. The 2017 tax overhaul that passed Congress during the Trump administration had slashed it from 35%.
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Another proposal would raise the income tax rate on individuals earning more than $400,000 a year.
Capital gains tax rates would also go up for people earning at least $1 million annually.
The tax increases could bring in $2 trillion according to the Bloomberg report. No date has yet been set for an announcement.
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Raising taxes will serve as a key test for the nascent administration as it navigates a 50-50 Senate in which moderate Democratic lawmakers like Joe Manchin of West Virginia and Krysten Sinema of Arizona play an outsized role.
The infrastructure proposal is sure to ignite a firestorm of criticism from Republicans, and possibly some moderate Democrats, who are worried about the exorbitant level of government spending.
FOX News contributed to this report.