Read more about Joe Biden eyes first major federal tax hike since 1993 to fund growth plan on Business Standard. Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won t rely just on government debt as a funding source
Biden mulls first tax hike since 1993 to pay for economic stimulus
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US president Joe Biden discusses American rescue plan (EPA)
Joe Biden is allegedly mulling the first federal tax hike since 1993 to reboot the American economy and pay-off the costs of future programmes at the same time.
The US president is due to propose spending more than the $1.9 trillion (£1.36 trillion ) Covid-19 relief bill approved by Congress on longer-term initiatives, with tax hikes as a source of funding.
As reported by
Bloomberg, the Biden administration is thought to be considering a whole suite of tax rises mostly targeting the wealthy although it will not introduce an outright tax on wealth to pay for future bills.
President Biden got his COVID relief bill through Congress, but an even bigger fight might loom over his next economic initiative. Bloomberg reports Biden aims to engineer.
The Biden administration is reportedly planning what will be the largest hike in federal taxes in nearly three decades, a move that comes on the heels of a behemoth COVID-19 spending package.