5 tax hikes that may be coming under Biden: strategist

[Yo_Mama_Been_Loggin]

With a $1.9 trillion stimulus plan now under his belt, President Joe Biden and his administration are reportedly eyeing several tax hikes to pay for a significant new infrastructure bill and help coral the ballooning U.S. deficit.

But getting tax hikes through even to support badly needed infrastructure investments will be a Herculean challenge, argues Stifel chief Washington policy strategist Brian Gardner.

Gardner lists several tax hikes that Congress and the Biden administration may pass in the currently polarized political climate. They include:

Raising the corporate income tax rate to 28% from 21%.

Doubling the global intangible low-taxed income rate to 21% from 10.5%.

Lifting the top tax rate to 39.6% from 37% for individuals making over $400,000.

Taxing capital gains as ordinary income (at a top tax rate of 39.6%) for those earning more than $1 million a year.

Hiking the estate tax rate to 45% from 40% for assets worth more than $1 million.

https://finance.yahoo.com/news/5-tax-hikes-that-may-be-coming-under-b-iden-strategist-181722826.html

[Music Man]

1. Excellent!

[winstars]

2. Great! Those 5 tax hikes don't apply to me or anyone I know!!!

[jimfields33]

15. Our tax hikes come in 2023.

Trump tax bill has sunset provision for middle class but permanent for the rich.

[Clash City Rocker]

17. If they reinstate the deductions as well, that would benefit the middle class

Our taxes went up the year the Trump tax plan went into effect. I heard the same from several friends.

[kimbutgar]

3. The only one I am against is the estate tax worth more than 1 million and change it to 5 million

People who live in states like California and New York that have high real estate prices shouldn’t be penalized if they inherit a family home parents brought in the 1950’s to the 1980’s.

[Beetwasher.]

8. I Agree with this but it's a negotiation point

[GeoWilliam750]

16. The taxable amount is only for that above $11.7 million

Or $23.4 million for a couple

[questionseverything]

4. What is global intangible low taxed income?

N/t

[Beetwasher.]

9. Sounds like offshore tax havens

[Clash City Rocker]

18. Info here

https://www.taxpolicycenter.org/briefing-book/what-global-intangible-low-taxed-income-and-how-it-taxed-under-tcja

[fierywoman]

5. Any moves to lower lower and middle income tax rates?

[bcool]

6. The article is incorrect about the estate tax

The estate tax applies to estates over $11 million, not $1 million.

[kimbutgar]

11. Thank you for the clarification.

[Freethinker65]

7. How about just letting ALL of the Trump/GOP tax cuts expire in 2025?

Those tax cuts that were made permanent to corporations and the wealthy while the cuts made for everyone else expire in 2025.

[Beetwasher.]

10. Why wait? Pass legislation to cancel them now

[kimbutgar]

12. We need to income now to offset the money we'll be spending to recover from Covid and repuke

Tax cuts and use the money to repair our infrastructure.

[WHITT]

13. Actually

many of the non-permanent tax cuts started expiring in 2019 and 2020 and this year, and continue through 2025. It was a scam from the getgo.

[Chainfire]

14. All of that Socialism......

You do know that is is Socialism if the wealthy have pay their fair share, right?

[Wounded Bear]

19. I don't see why the House would not support those...

(All revenue bills must originate in the House, but the Progressive Caucus will be all over this.)

[WarGamer]

20. Not enough... that's a big wet one to Billionaires.

Corporate Tax is easily avoided. Look at the companies who pay Jack + Shit.

37% to 39.6% is a joke.

Capital Gains to top rate... A+++

And 45% from 40% is a joke.

Better than nothing but WHERE is the Wealth Tax?