President Joe Biden is considering a tax hike to underwrite the economic program launched by the approval of his $1.9 trillion pandemic stimulus package, a Monday report by Bloomberg claims. The tax jump will be the first major move in federal taxes in almost 30 years if successful.
Bloomberg quotes unidentified sources to outline the increases will back Biden’s promises made during his 2020 campaign.
An independent analysis of the Biden campaign’s tax plan conducted by the Tax Policy Center found it would raise around $2.1 trillion over 10 years, according to the report.
Tax hikes included as part of infrastructure and job packages will likely include repealing part of former President Trump‘s 2017 tax law that benefitted corporations and wealthy individuals, the news outlet notes, citing sources close to the matter.
As Breitbart News reported, Biden twice flagged his desire to raise taxes on everyone, including the middle class, during last year’s presidential debates.
“That’s why I’m going to eliminate the Trump tax cuts,” Biden said during his first of three debates with President Trump. And then, to accentuate the point, he said it again, “I’m going to eliminate those tax cuts.”
“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,” ex-Biden economic aide Sarah Bianchi told Bloomberg. “That is why the focus is on addressing the unequal treatment between work and wealth.”
Any tax increases that are passed would likely take effect beginning in 2022, according to Bloomberg, which noted some lawmakers have called for the administration to hold off as pandemic-related unemployment remains high.
Read more at Breitbart