President Joe Biden is reportedly planning the first major tax hike in nearly three decades – a proposal one expert says couldn't come at a worse time.
According to Bloomberg, under consideration are: increasing the corporate tax rate from 21% to 28%; expanding the estate tax; boosting the capital-gains tax rate; and increasing the income tax rate on individuals earning more than $400,000/year. Analysis indicates it would raise $2.1 trillion over ten years – and it's viewed as an opportunity for the administration to fund key initiatives like infrastructure, climate change, and what Democrats contend are "inequities" in the tax system itself.
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By the time this tax gets imposed there likely won't be much. Of an economy left to destroy. Cost of energy is skyrocketing, jobs are being destroyed by the insane minimum wage hikes and major cities turning into turd world countries.
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