Biden’s Proposed Tax Hike Will Hit People Earning Over $400,000 the Hardest

With the Covid-19 relief bill behind him, U.S. President Joe Biden is turning his attention to the next item on his agenda: tax reform.

He’s said to be planning the first major federal tax hike since 1993, with the aim of delivering on one of his campaign promises. Biden’s proposal will mostly affect those earning more than $400,000 a year and could prove to be the vehicle with which he’ll pay for some of his long-standing economic and infrastructure plans.

The Biden administration is drawing up its plan at a time when at least half a dozen states are also considering raising taxes for the wealthy in response to the economic fallout from the coronavirus pandemic.

The proposed policies could shape the way millions of Americans save, spend and manage their finances for years. While the specifics of each package are still being determined, there’s several ways with which those plans could affect your money.

Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.

Connect with us on…

[joanndula]

IF you tax the rich you hurt the poor 🤷‍♀️

[jamesdandy]

People with that kinda income aren't going to feel the pinch anyway lol

[Semper_Iratus]

Nothing like raising taxes on people for reaching the first rung of the success ladder. Tax billionaires out of existence first joe.

[shaynalynn]

Good! We either tax the rich or eat the rich

[everettwatson]

Weak argument. Correction. This is not an argument. 1.2% increase is what the proposal on Medicare tax is actually. Nobody really wants to pay taxes. If nobody paid taxes what kind of country would we have? Taxes are actually based upon the things you (governing bodies) ask the government to do. The government raises taxes for your independent requests and the countries needs. The funding is obtained from the countries employed population and the business population. Not wanting to pay taxes is more of an emotional position. you make 500, 000. You pay taxes on 100, 000. You pay 3800 in taxes. The tax hike is 1200 increase to 5000 on the 100, 000. Kind of over-sensitive about 1200 dollars. The price of a good hunting rifle. A new set of tires for the truck. New golf clubs? The quality of the life you live will not be effected by 1200 dollars.

[johndaniel]

Good The Rich Should Also Pay Tax. They Should Not Avoid Paying Tax Like Trump Did With The Help Of His Lawyers.

[mrmbr]

prices will increase to offset any losses. Jobs will be lost and companies will leave the state or country.

[pudpudkirkpatrick]

The venomous consonant conceivably strip because distribution clinicopathologically taste of a modern iron. roomy, normal reduction