Biden planning first major tax hike in almost 30 years

President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus package.

Unidentified sources told Bloomberg that the increases will reflect the promises Biden made during his 2020 campaign.

The planned increases reportedly include: raising the corporate tax from 21 percent to 28 percent; increasing the income tax rate on people making more than $400,000; expanding the estate tax; paring back tax preferences on pass-through businesses such as limited-liability companies; and setting up a higher capital gains tax rate for individuals making at least $1 million.

[st.roberts]

The filthy souls are going to fleece the people to pay for their evil ways. Treason.

[jkee]

Why dont we pay Congress minimum wage, cut foreign aide and implement harder standards for the military so we would be able to make cuts as needed and usethat mmoney for the people..

[Frank-kinx]

I pay a third of my income in taxes, so can they.

[JiGGdoGG]

But hey, atleast those mean tweets are gone right....

[Franck_Lee]

I read everywhere that "Biden said" something but I never see him speak

[williamr]

I think the title of video is wrong. It should be: HARRIS PLANNING

[tomseidel]

I just love how everyone cheering for tax hikes for the rich seem to
think that it won't soon enough be everyone else's turn.

[SteadyEddie]

Biden at Debates: Trump is lying, I won't raise taxes

Biden now: Yeah about that...

[NoHandsAndy]

I mean, who could have seen this coming

[ManScoutsofAmerica]

First time in 30 years? The ACA was the largest tax hike on the middle class since 1913, when the income tax was first instated.

[Divulgation]

At least he won't hurt your feelings on Twitter

[majorjerk]

Because heaven forbid that the government actually reduce spending to close the deficit

[ericreingardt]

I'd cheer for the tax hike except our spending is out of order so it's pointless

[sarahhannush]

"It would be ridiculous" roughly translates into 'they wouldn't dare make ME pay more taxes, right?'

[joshgarver]

Small Businesses can be incorporated. This will affect more small businesses than people realize, not just the rich and big business. People hear "Corporate Tax" and assume that it's just targeted towards large businesses. It's not.

[TheCommonSenseProfessor]

So, 35% higher gas prices, overcrowded boarders, higher energy costs, and now higher taxes in the first 3 months. Wow, that's great.

[Caocao]

I told you so! Spend, spend, spend your way to the White House.

[jtel]

Gas has cost me $15 more a week and just 2 months in.

[contaxmm]

And guess who is paying for it, not biden or bezos!

[jamsmonster]

Going to quit my job and live off the government