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Biden to increase federal tax: What you need to know

Joe Biden
Picture courtesy : Business Insider

President Joe Biden is planning to make a significant hike in federal tax, first since 1993 to help pay for the Long term economic plans. Here is everything we know so far:

  1. The next initiative being planned by the Biden administration will not only rely on government debt but also on a tax increase.

  2. It is expected that the increase will be in both corporate as well as the individual tax rate for high earners.

  3. With this increase, the Biden administration is eyeing to fund the key initiatives that they promised during the campaign: infrastructure, climate, and equality in the tax system.

  4. Corporate tax is expected to increase from 21% to 28%

  5. The income tax rate will increase for individuals making more than 400,000 per year.

  6. White House has not announced any date on which they will reveal the whole plan.

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