The fast-paced Biden administration is poised to deliver yet another blow to Americans and is the first sweeping increase in individual and corporate taxes.
Of course, the decision of the current president of the
country, to re-enter the nation to all these organizations that all they do is
receive millions and millions of dollars from the United States. In addition to
the growing debt that the current government is acquiring, it had to have an
immediate impact: more taxes.
Unlike the $ 1.9 trillion COVID-19 stimulus bill, the
upcoming initiative, which is expected to be even bigger, will not rely solely
on public debt as a source of funding.
While it is increasingly clear that tax increases will be a
component (Treasury Secretary Janet Yellen has said that at least part of the
next bill will have to be paid and pointed to higher rates), key advisers are
now targeting They are preparing for a package of measures. That could include
an increase in both the corporate tax rate and the individual rate for high-income
individuals.
Since each tax exemption and credit has its own lobby group
to back it up, changing rates is fraught with political risk. That helps
explain why the tax increases in Bill Clinton's signature 1993 reform stand out
from the modest modifications made since then.
For the Biden administration, the planned changes are an
opportunity not only to fund key initiatives like infrastructure, climate and
expanded aid for the poorest Americans, but also to address what Democrats
argue are inequities in the tax system itself. The plan will test Biden's
ability to woo Republicans and Democrats' ability to stick together.
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