President Joe Biden said anyone earning more than $400,000 a year would see a tax increase under his forthcoming economic program, highlighting the administration’s plans to address inequality in part through levies on the wealthy.
We don’t know many details at this point, but here are some areas where they may raise taxes:
- Rolling back tax cuts from the Republicans’ 2017 bill
- Increase rates on capital gains
- Increase the estate tax
- Increase the corporate tax rate
- Reduce preference items for so-called pass-through businesses
Up until this week, the Biden White House had been mum on its tax plans. But now that the pandemic-relief bill has passed Congress, the president and his aides are slowly starting to preview their ideas.