Biden coming through in his new budget on taxing t
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Posted On: 03/27/2023 2:16:24 PM
Biden coming through in his new budget on taxing the rich and tax breaks for everyone under $400,000 a year.
As Biden has made clear since his 2020 campaign, he wants to raise taxes substantially on high-income households and corporations and provide modest tax cuts to low- and moderate-income households," wrote Tax Policy Center senior fellow Howard Gleckman in a blog post . "And, like it or not, that's what his budget does."
Many middle-class families would effectively see no changes in their after-tax income under Biden's proposed budget, according to the analysis.
The biggest lever hiking taxes on high-income households is tied to the Biden administration's proposal to boost the highest rate on capital gains taxes from 20% to 39.6%, the Tax Policy Center noted.
https://share.newsbreak.com/3fb9o8in
As Biden has made clear since his 2020 campaign, he wants to raise taxes substantially on high-income households and corporations and provide modest tax cuts to low- and moderate-income households," wrote Tax Policy Center senior fellow Howard Gleckman in a blog post . "And, like it or not, that's what his budget does."
Many middle-class families would effectively see no changes in their after-tax income under Biden's proposed budget, according to the analysis.
The biggest lever hiking taxes on high-income households is tied to the Biden administration's proposal to boost the highest rate on capital gains taxes from 20% to 39.6%, the Tax Policy Center noted.
https://share.newsbreak.com/3fb9o8in
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