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Biden Plans First Major Tax Hike Since 1993


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The Biden administration is turning to its next major initiative, a long-term economic program that will involve both substantial new spending and significant increases in taxes for the first time in a generation, Bloomberg’s Nancy Cook and Laura Davison reported Monday.
“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,” Cook and Davison wrote. “While it’s been increasingly clear that tax hikes will be a component . key advisers are now making preparations for a package of measures that could include an increase in both the corporate tax rate and the individual rate for high earners.” ....

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