Biden To Roll Back Trump-Era Tax Breaks For Corporations & Wealthy
President Joe Biden is eyeing progressive changes to America’s tax laws. While Biden has shot down ideas from Sens. Elizabeth Warren (D-Massachusetts) and Bernie Sanders (I-Vermont) to implement a wealth tax on billionaires, incoming proposals from the new president will still target America’s most wealthy in the changes.
While not formally proposed, the following tax changes are being actively considered by the Biden administration: Raising corporate tax from 21% to 28%, raising income tax for single Americans earning more than $400,000 annually, expanding eligibility for estate taxes, increasing capital-gains tax for single Americans earning more than $1 million annually are all on the table.
Many experts believe the tax increase will be directed to improve United States infrastructure which has been in decay for several decades. “The next major legislative initiative, infrastructure investment, could provide the sort of durable economic gains that not only support higher pay, but promote diffusion of those gains across demographic lines and political persuasions,” said economists Andrew Husby and Eliza Winger in a statement about the potential Biden tax changes.