[Ed. – More great news.]
The Biden administration is allegedly contemplating a series of tax hikes on high income earners and corporations that could potentially yield more than $2 trillion in revenue over the next decade.
Bloomberg News first reported Monday morning that President Joe Biden will likely outline the plan during his joint session address to Congress, expected to take place before the end of the month. The not-yet-finalized proposal would mark the first significant tax increases since former President Bill Clinton’s 1993 tax bill. (RELATED: Biden Pledges To Hike Taxes To Bush Administration Levels)
Four people familiar with the discussions told Bloomberg that the president’s proposal, while outright rejecting Sen. Elizabeth Warren’s wealth tax, would raise both the income tax rate for filers making more than $400,000 per year and the corporate gains tax for filers earning more than $1 million per year.