Biden’s Next Initiative Could Include First Major Tax Hike In 28 Years

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WASHINGTON, DC - MARCH 15: U.S. President Joe Biden delivers remarks in the State Dining Room of the White House on March 15, 2021 in Washington, DC. The administration announced on Monday that Gene Sperling, a former top economic official in the last two Democratic presidential administrations, will oversee the rollout of the $1.9 trillion coronavirus stimulus package that Biden signed into law last week. (Photo by Drew Angerer/Getty Images)

Let’s hope President Biden enjoys his tour across the country touting his $1.9 trillion American Rescue Plan, because the next item on his economic agenda may prove to be less popular.

A Bloomberg story today reported that Biden wants to follow up his coronavirus relief bill with an ambitious long-term plan that would target infrastructure, climate change and continued economic support for impoverished Americans. The White House is eyeing increases to the corporate tax rate as well as the tax rate for the wealthiest U.S. citizens, to help pay for the initiative, both things Biden discussed while running for president.

We think this tweet accurately sums up the reaction to this story from those on the right.

https://twitter.com/B52Malmet/status/1371530192712253446

As he discussed on the campaign trail, Biden intends to include repeals of the 2017 Trump tax breaks that benefited corporate America and the ultra-wealthy. It would not, however, include an increase to people who earn less than $400,000 a year.

Republicans have wasted no time coming out against Biden’s plan. Here’s what freshman congressman Madison Cawthorn had to say.

The congressman’s hyperbolic statement is quite misleading. By repealing Trump’s 2017 tax laws, the Biden plan would increase federal revenue by $2.1 trillion over the next decade. Don’t trust our math; that’s the assessment from the Tax Policy Center.

That analysis confirmed that the highest-earning households in America would be the brunt of the proposed tax increases.

You can read more about how the proposal will impact your wallet here.