- By Wayne Rodrigo
- (General Dispatch) – Looking for a way to support the $1.9 trillion stimulus package, current President Joe Biden is examining the possibility of a substantial tax increase.
- If a federal tax increase were to materialize, it would be one of the most significant changes in recent administrations in at least 30 years.
- The structuring of the plan, which would seek to raise more revenue, would repeal the Tax Law implemented by former President Donald Trump, so that companies would be obliged to pay higher tax burdens.
- It should be noted that this event is not a new development, since during the presidential campaign it was expressed by the current president, that if he reached the White House, the tax increase would certainly happen.
- In the same vein, “I will eliminate those tax cuts” was Biden’s slogan; of course, companies will be responsible for financing the budget of his ambitious bills that begin to inflate the economy.
- If the design of this new law is implemented, it will result in greater inequality in the social strata, in relation to the progressive increase in taxes that U.S. citizens will also have to support.
- However, the tax legislation would take effect as of January 2022.
- In the meantime, it is expected that Democrats and Republicans will have a big fight in Parliament regarding the proposal under consideration in the White House.
Adittional Information:
Breitbart: Report: Joe Biden Plans First Major Tax Hike in a Generation
Bloomberg: Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan
