During his annual budget planning, President Joe Biden recently unveiled a potential tax increase of roughly $5.5 trillion. This tax proposal is expected to be implemented over the next decade.
The proposed tax increase is a direct hit for the richest Americans and large corporations, forcing them to pay their fair share.
Joe Biden’s plan includes a 5.2% federal worker pay raise
Biden’s plan also includes a whopping 5.25 percent pay raise for federal workers. Additionally, the plan calls for corporate tax rates to be raised by 28% from the current 21%. This is with a vision to raise, over the next ten years, a whopping $1.33 trillion. The top individual tax rate is also expected to go up to 39.6% from 37%. This increase could potentially raise another $449 billion.
“He has put forth a proposal, as you mentioned, to close loopholes that the wealthiest have exploited in order to not pay their fair share or anything close to it. So we’re gonna close those,” White House budget director Shalanda Young.
The budget plan also includes a $1.17 trillion hike that will come from a 25% minimum tax on individuals and families with a net worth exceeding $100 million. Biden’s plan also encompasses $650 billion by eradicating Medicare tax loopholes.