Last week it was reported that Joe Biden was planning to propose the first major federal tax hike since 1993 to fund a plan to tackle climate change, infrastructure and other Socialist pet projects.
The increases are expected on corporate tax and individual rate for “high-income” earners, according to Bloomberg.
Biden originally promised people earning $400,000 a year would not be affected by tax increases, however, he broke that promise too.
Biden’s tax plan could hit people earning $200,000 a year because Psaki said Biden’s $400,000 threshold for tax increases applies to families, not individuals.
The economic package, according to the New York Times and WaPo, will reportedly cost $3 trillion dollars – this is on top of the $1.9 trillion Covid relief bill Biden just signed into law.
Via The New York Times:
The spending proposals, which may be offered in separate legislative pieces, include:
Construction of roads, bridges, rail lines a ports
Plans for clean energy, 5G connectivity and affordable energy-efficient housing
Programs meant to increase women’s participation in the work force
Free community college, universal pre-K education and national paid leave
The Washington Post reported:
That effort is expected to be broken into two parts — one focused on infrastructure, and the other focused on other domestic priorities, such as universal prekindergarten, national child care, and free community college tuition. The infrastructure component of the proposal includes $400 billion in spending to combat climate change, including $60 billion for infrastructure related to green transit and $46 billion for climate-related research and development. The plan also would aim to make electric vehicle charging stations available across the country. The measure would also include $200 billion for housing infrastructure, including $100 billion to expand the supply of housing for low-income Americans.
President Biden’s advisers are preparing to propose up to $3 trillion in spending on efforts to boost the economy, improve infrastructure, minimize carbon emissions and reduce inequality — paid for, in part, by tax increases on corporations and the rich. https://t.co/6rnPrluUzM pic.twitter.com/OATHj48VZb
— The New York Times (@nytimes) March 22, 2021