Biden Breaks Huge Tax Promise

DM

President Joe Biden claimed on the campaign trail that he would not raise taxes on individuals making less than $400,000 annually, but his administration now admits that the number could actually be much lower with tax hikes on the horizon. A tax increase is coming for some individuals and for major corporations, just as was expected from Biden and Democrats. The federal government needs more funds to ramp up its planned spending, which includes another round of massive legislation. This opens up a big opportunity for the GOP, but we’ll get to that later. Bloomberg reported this week: “Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source. While it’s been increasingly clear that tax hikes will be a component — Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for, and pointed to higher rates — key advisers are now making preparations for a package of measures that could include an increase in both the corporate tax rate and the individual rate for high earners.”

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